Refer to the given data. Assuming that Alpha and Beta are the only two nations in the world, the equilibrium world price must be lower than $4 because at $4:
A. both nations want to import steel.
B. both nations want to export steel.
C. Beta wants to export more than Alpha.
D. Alpha wants to import more than Beta.
B. both nations want to export steel.
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The portion of national debt owned by foreigners does constitute a burden on the nation as a whole.
Answer the following statement true (T) or false (F)
Which of the following is a positive economic statement?
A) The standard of living in the United States should be higher. B) The U.S. government should not have bailed out U.S. auto manufacturers. C) If the price of iPhones falls, a larger quantity of iPhones will be purchased. D) The government should revamp the health care system.
Which of the following pairs of goods would be expected to have a positive cross-price elasticity of demand?
A) coffee and tea. B) gasoline and large SUVs. C) tennis racquets and tennis balls. D) hot dogs and hot dog buns.
All of the following are measures of market power except the:
A) Lerner Index. B) Minimum-Efficient Scale Index. C) four-firm concentration ratio for an industry. D) Herfindahl-Hirschman Index.