Suppose the domestic price (no-international-trade price) of copper is $1.20 a pound in the United States while the world price is $1.00 a pound. Assuming no transportation costs, the United States will:
A. have a domestic surplus of copper.
B. export copper.
C. import copper.
D. neither export nor import copper.
C. import copper.
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The Doha Round of international trade talks concluded in 2007 with the successful establishment of a general free trade agreement between developing and developed nations
Indicate whether the statement is true or false
Comparative advantage is defined as
A) producing all goods at lower opportunity costs than other countries can. B) producing more output of all goods than anyone else can. C) producing one good at a lower opportunity cost than another country can. D) the ability to produce more output from given inputs than anyone else can.
What would be the impact of a virus that infected the Midwestern corn crop?
a. Price of corn increases and the price of wheat decreases b. Price of corn decreases and the quantity of wheat increases c. Quantities of corn and wheat increase d. Quantity of corn decreases and the price of wheat increases
Real business cycle theory encourages economists to consider the role of ______.
a. changes in money supply b. rational expectations c. the supply side d. the demand side