If the United Kingdom imports tea cups from other countries, then U.K. producers of tea cups are better off, and U.K. consumers of tea cups are worse off, as a result of trade
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Suppose in a purely competitive market that American firms consider labor costs to be mostly variable while Japanese firms consider labor costs to be mostly fixed
What implication would this have for the viability of firms in each country if they compete with one another in the short run? What about the long run?
Most recessions in the United States since World War II have begun with
A) a decline in residential construction. B) a rapid increase in the price level. C) a stock market crash. D) a substantial number of bank failures.
The quantity of a good that consumers demand depends only on the price of the good
Indicate whether the statement is true or false
The effects of a "Buy American" campaign, wherein U.S. consumers are encouraged to only buy goods produced domestically would have results similar to a(n)
A. tariff. B. export subsidy. C. voluntary export restriction. D. quota.