Suppose this economy is currently closed. ________ is/are most likely to want open trade, and ________ is/are most likely to oppose opening the economy to trade.
A. The government; bike purchasers
B. Bike manufacturers; bike purchasers
C. Bike purchasers; bike manufacturers
D. Bike manufacturers; the government
Answer: B
You might also like to view...
Demand for items people do not really need for their survival, such as cars, is generally ________ than demand for items such as water.
A. higher B. lower C. more elastic D. less elastic
The U.S. economy is experiencing rising output, rising employment, rising incomes and falling unemployment. These conditions best describe a business cycle
A) expansion. B) peak. C) trend. D) recession. E) trough.
Which of the following costs are part of a firm's opportunity costs? I. costs for resources bought in markets II. costs for resources the firm owns III. costs for resources supplied by the owner
A) I and II B) I and III C) I only D) I, II, and III
Assume that both the demand curve and the supply curve for MP3 players shift to the right but the supply curve shifts more than the demand curve. As a result
A) the equilibrium price of MP3 players will increase; the equilibrium quantity will decrease. B) the equilibrium price of MP3 players may increase or decrease; the equilibrium quantity will decrease. C) the equilibrium price of MP3 players will decrease; the equilibrium quantity will increase. D) both the equilibrium price and quantity of MP3 players will decrease.