Workers in high-wage countries cannot improve their real income when they trade with low-wage countries
a. True
b. False
Indicate whether the statement is true or false
False
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A monopoly is a market with
A) many suppliers each producing an identical product. B) no barriers to entry. C) many substitutes. D) one supplier. E) many suppliers each producing a slightly different product.
Suppose the demand curve for hybrid cars shifts to the right. This will cause a relatively small increase in the price of hybrid cars if
A) both demand and supply are inelastic. B) demand is elastic and supply is inelastic. C) demand is inelastic and supply is elastic. D) both demand and supply are elastic.
If net exports decrease, the expenditure schedule will
a. get steeper. b. get flatter. c. shift upward. d. shift downward.
A decrease in demand is shown graphically by a shift of the demand curve to the _______.
Fill in the blank(s) with the appropriate word(s).