If Japan does not have a comparative advantage in producing rice, the consequences of adopting a Japanese policy of reducing or eliminating imports of rice into their country would include:
a. Japan will be able to consume a combination of rice and other goods' consumption beyond their domestic production possibilities curve.
b. the real incomes of Japanese rice producers would rise, but the real incomes of Japanese rice consumers would fall.
c. the real incomes of Japanese rice consumers would rise, but the real incomes of Japanese rice producers would fall.
d. the price of rice in Japan will fall.
b
You might also like to view...
Taxing firms that emit pollutants is one way to reduce pollution.
Answer the following statement true (T) or false (F)
Does the saving and investment equation imply that a country's national saving must always equal its domestic investment? Explain
What will be an ideal response?
Which of the following assertions is false?
A) The Great Depression was a typical business cycle. B) Very rapid growth occurred during World War II. C) Real GDP per capita dipped about 30% during the Great Depression. D) On average, the U.S. economy grows at a rate of 2.1%.
Which of the following advertising statements could be considered greenwashing?
A) "Made of only recycled materials" B) "Our lasagna is made with love." C) "100 percent money back guarantee" D) "Guaranteed to make you want to dance!"