The most important economic concept to consider when deciding whether to produce a product domestically or import the product is
A. law of supply.
B. law of demand.
C. opportunity cost.
D. law of increasing cost.
C. opportunity cost.
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If the government increases unemployment benefits, then the labor
A) demand curve shifts rightward. B) demand curve shifts leftward. C) supply curve shifts rightward. D) supply curve shifts leftward. E) Both answers B and D are correct.
When the world price of the traded good is lower than the domestic no-trade equilibrium price, free trade causes domestic production to fall and domestic consumption to rise
a. True b. False Indicate whether the statement is true or false
The GDP Price Index and the Consumer Price Index measure prices of the same set of goods
a. True b. False
A sum of money received at a future date is worth less than the same sum of money received today. Why? Explain this with an example