Suppose Panama produces only two goods, bananas and hats. If Panama has a comparative advantage in bananas, a move toward free trade will
A) benefit hat workers, harm banana workers, but harm the nation as a whole.
B) harm hat workers, harm banana workers, but benefit the nation as a whole.
C) harm hat workers, benefit banana workers, but benefit the nation as a whole.
D) benefit hat workers, harm banana workers, but benefit the nation as a whole.
C
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Use the following table for a certain product's market in Marketopia to answer the next question.Quantity Demanded DomesticallyPriceQuantity Supplied Domestically1,400$102,2001,60092,0001,80081,8002,00071,6002,20061,4002,40051,200If the world price for this product is $6, then domestic producers in Marketopia would lose revenue equal to
A. $6,000. B. $14,400. C. $8,400. D. $2.
Which of the following can be said about a monopoly?
A. Monopolies are always inefficient and are therefore the least desirable form of market. B. They can cause a shift in the demand curve to benefit society. C. They may aid in innovation. D. All of these responses are correct.
Brand names are rarely used to convey information about product quality
a. True b. False Indicate whether the statement is true or false
The least affordable places to live tend to be located disproportionately in
A. Michigan. B. California. C. Ohio. D. Iowa.