If the world price of steel is greater than the U.S. "no-trade" domestic equilibrium price of steel, the United States:
a. will not produce steel.
b. will demand steel from the rest of the world.
c. will supply steel to the rest of the world.
d. will not trade in steel.
e. will have a shortage of steel in the domestic market.
c
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Everything else equal, if the dollar depreciates against the Chinese yuan:
A) China will stop trading with the U.S. B) China will import more from the U.S. and will export less to the U.S. C) China will export more to the U.S. and will import less from the U.S. D) the Chinese government will buy yuan from the foreign exchange market.
Suppose an individual has to make a decision at time t without having all the information relevant for making the decision. At time (t+1), the relevant information is revealed. We will say that the individual made a mistake if his decision in time t would have been different had he known what he knows at time (t+1). True or False: Without behavioral economics, we would not be able to explain mistakes.
Answer the following statement true (T) or false (F)
According to the above figure, if steel mills are charged an effluent fee in order to bear the cost of pollution, what happens to the equilibrium price and equilibrium quantity?
A) They are unchanged. B) They change from P1 and Q1 to P2 and Q2. C) They change from P2 and Q2 to P1 and Q1. D) The equilibrium price increases from P1 and P2, but the equilibrium quantity is unchanged.
By looking at the graph showing the poverty rate from 1959 to 2016, you can see that ______.
a. 2016 has the highest rate on record
b. rates have risen steadily since 1959
c. the overall rate is much lower than it was in 1959
d. rates were increasing rapidly in 2016