What is the difference between a supply schedule and a supply curve?
What will be an ideal response?
A supply schedule is a table that shows the relationship between the price of a product and the quantity of the product supplied. A supply curve is a curve that shows the relationship between the price of a product and the quantity of the product supplied.
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When __________________, a firm will supply a higher quantity at any given price for its output, and the supply curve will shift to the right.
A. prices rise B. equilibrium is achieved C. costs of production fall D. there is a population increase
Trade restrictions
A. Reduce the gains from trade for the country as a whole. B. Increase the gains from trade for poor countries. C. Increase the standard of living for the country as a whole. D. Reduce the number of hours employees must work.
The following simple model is used to determine the annual savings of an individual on the basis of his annual income and education.
Savings = 
The variable ‘Edu' takes a value of 1 if the person is educated and the variable ‘Inc' measures the income of the individual.
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Refer to the model above. The inclusion of another binary variable in this model that takes a value of 1 if a person is uneducated, will give rise to the problem of _____.
A. omitted variable bias B. self-selection C. dummy variable trap D. heteroskedastcity
Which of the following is the situation in which a nation shifts its international trade from nations outside a regional trade bloc to nations within the bloc?
A. trade deflection B. trade retention C. protectionism D. trade diversion