Which of the following is not an example of the principle that trade can make everyone better off?
a. Americans buy tube socks from China.
b. Residents of Maine drink orange juice from Florida.
c. A homeowner hires the kid next door to mow the lawn.
d. All of the above are examples of the principle that trade can make everyone better off.
d
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If oranges were found to cure cancer
A) the equilibrium price of apples would likely fall. B) the equilibrium price of oranges would likely increase in the near term. C) the equilibrium quantity of oranges would likely increase. D) All of the above.
In common value auctions
a. Every bidder know the value of the object being sold b. Each bidder makes the same estimate of the value of the good c. Bidders do not know the estimates of the others d. The true value of the item differs across bidders
The cross elasticity of demand for substitute products must:
a. be greater than one. b. be less than one. c. be zero. d. exceed zero. e. be negative.
A substantial amount of trade between industrialized countries is intraindustry or intrafirm trade rather than interindustry trade
Indicate whether the statement is true or false