After trade opens, the short run impact on the income of the variable factor will be
A) a decrease.
B) an increase.
C) zero.
D) indeterminate, depending on the consumption pattern of the owners of the variable factor.
E) indeterminate, depending on the productivity of the variable factor.
D
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Factors of production include all of the following EXCEPT ________
A) machines made in past years. B) money C) entrepreneurship D) a wheat field that is not irrigated
Real GDP per person can increase:
A. only if the share of the population employed decreases. B. if the share of population employed and/or average labor productivity increases. C. only if average labor productivity increases. D. only if the share of the population employed increases.
The U.S. encouraged developing countries to continue opening their economics to the global market during the term of Bill Clinton as the president.
Answer the following statement(s) true (T) or false (F)
Which of the following is an example of a "how much" decision?
A) Octavia is debating whether to buy a pair of Jimmy Choo shoes or Steve Madden boots. B) Humberto has taken a second job to earn money to buy a Harley-Davidson SuperLow Sportster. C) You plan on going to Las Vegas for your birthday and are deciding if you should fly or drive. D) Diana is trying to decide if she should open her pet shop on Sundays.