As a general rule, free trade:
A. increases the supply of factors of production that are domestically abundant.
B. increases demand for factors of production that are domestically abundant.
C. decreases the supply of factors of production that are domestically scarce.
D. decreases the demand for factors of production that are domestically abundant.
B. increases demand for factors of production that are domestically abundant.
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When an economy produces more houses and fewer typewriters, it is answering the ________ part of one of the two big economic questions
A) "what" B) "how" C) "where" D) "for whom"
The above figure shows the marginal benefits and marginal costs of a college education. If a subsidy of $5,000 is paid to the colleges, then colleges charge tuition of
A) $0. B) $5,000. C) $10,000. D) $15,000.
Refer to Figure 4.2. The income effect on the quantity of clothing purchased is:
A) the change from C1 to C3. B) the change from C1 to C2. C) the change from C2 to C3. D) the change from C3 to C2. E) none of the above
If the real interest rate in the domestic loanable funds market increases,
What will be an ideal response?