An export is a product
A) produced in a foreign country and purchased by the residents of the home country.
B) produced in the home country and sold in another country.
C) produced in and sold to the residents of a foreign country.
D) produced in and purchased by residents of the home country.
B
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How does the two-good, two-country version of the Ricardian model differ from the two-country, many-good model in terms of the determination which goods are produced and exported by each country?
What will be an ideal response?
Consider a market that is in equilibrium. If it experiences both an increase in demand and an increase in supply, what can be said of the new equilibrium? The equilibrium:
A. price and quantity will both fall. B. price and quantity will both rise. C. price will definitely rise, while the equilibrium quantity cannot be predicted. D. quantity will definitely rise, while the equilibrium price cannot be predicted.
Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. At the equilibrium outcome, the size of the economic pie will be
A) $350. B) $550. C) $650. D) $700.
A monopolist will charge a lower price and produce more output than if it was operating in a competitive market
a. True b. False Indicate whether the statement is true or false