If a nation opens up to free trade and becomes an importer of goods, which of the following is then true?
A) The nation as a whole loses.
B) Sellers gain.
C) Buyers gain.
D) Buyers lose.
C
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If depreciation exceeds gross investment:
A. the economy's stock of capital may be either growing or shrinking. B. the economy's stock of capital is shrinking. C. the economy's stock of capital is growing. D. net investment is zero.
Individual farmers maximize profit by producing the level of output at which
A. Average cost equals zero. B. Marginal cost equals price. C. Marginal cost equals zero. D. Marginal cost equals average cost.
Which of the following is NOT an example of private investment expenditure?
A) new houses built during the year B) using credit cards to purchase durable and nondurable goods C) new plants and equipment added during the year D) increases in inventories on goods produced during the year
Referring to Figure 19.2, the effect of an increase in U.S. prices is represented by a movement from point
A) a to d. B) d to a. C) c to b. D) b to a.