Free trade policies may lead to
A) a decrease in world output.
B) price increases in world markets.
C) some labor sectors experiencing some short-term job loss.
D) none of the above.
C
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Fill in the blank: Rebecca goes to the hairdresser more often now that her salary has increased. For Rebecca, the hairdresser's service is probably ________
A) a normal good B) an inferior good C) a free good D) a bad
The theory of intertemporal choice, and the life-cycle and permanent income hypotheses have in common the assumption that ________
A) consumption decisions are affected by current expectations about lifetime resources B) consumption decisions are based on all available information C) current income, rather than expected income, has the greater influence on consumption decisions D) decisions to borrow and save are influenced much more by immediate circumstances than by long-term consequences
A nation's infrastructure refers to:
A. public capital goods such as highways and sanitation systems. B. the productivity of its labor force. C. its ability to realize economies of scale. D. its stock of technological knowledge.
Explain how firms use elasticity and revenue to make decisions
What will be an ideal response?