If the exchange rate ________, the quantity of dollars demanded ________ and there is a movement up along the ________ curve for dollars
A) falls; increases; supply
B) rises; increases; demand
C) falls; decreases; demand
D) rises; decreases; supply
E) rises; decreases; demand
E
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If the supply of iPods increases, then
i. the supply curve for iPods has shifted rightward. ii. the price of iPods has decreased. iii. there will be a movement upward along the iPod supply curve. A) i only B) i, ii and iii C) i and ii D) ii and iii E) i and iii
When the nation of Mooseland first permitted trade with other nations, domestic producers of sugar experienced a decrease in producer surplus of $5 million and total surplus in Mooseland's sugar market increased by $2 million. We can conclude that
a. Mooseland became an exporter of sugar. b. the overall economic well-being of participants in the sugar market in Mooseland fell because of trade. c. consumer surplus in Mooseland increased by $7 million. d. the opening of trade caused the domestic demand curve for sugar in Mooseland to shift to the right.
The idea that efficient producers can benefit from trading with inefficient producers is known as
a) the theory of competitive advantage b) the Hecksher-Ohlin theorem c) the Stolper-Samuelson theorem d) New Trade Theory e) comparative advantage
Distinguish between a command-and-control economic system and a price system
What will be an ideal response?