Opening this economy to trade would benefit ________ and harm ________.
A. domestic car consumers; domestic car producers
B. domestic car producers; domestic car consumers
C. everyone; no one
D. no one; everyone
Answer: A
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Refer to the table above. If complete specialization occurs, and France has a labor force of 30,000 hours of labor, then after trade begins it will produce
A) 2000 units of grapes. B) 15,000 units of textiles. C) 2000 units of grapes and 6000 units of textiles. D) None of the above.
Why might population growth and immigration stimulate economic growth?
What will be an ideal response?
According to the classical economists' views of the Federal Reserve, the best countercyclical policy is no countercyclical policy
Indicate whether the statement is true or false
If a restaurant in a summer tourist area is highly profitable during the summer months but unable to cover even its variable costs during the winter months, the restaurant should
a. go out of business immediately, because no firm should continue to operate if it is losing money; doing so is contrary to the idea of profit maximization. b. go out of business as soon as the summer is over; losses should never be tolerated. c. operate during all months of the year as long as its profits during the summer exceed its losses during the winter. d. shut down during the winter, but continue operating during the summer as long as the summer profits exceed the losses (fixed costs) during the winter shutdown period.