The elimination of import restrictions will
A. Alter the mix of output from export industries to import-competing industries.
B. Redistribute income from import-competing industries to export industries.
C. Redistribute income from domestic to foreign producers.
D. Alter the mix of output from export industries toward domestic industries.
Answer: B
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During World War II, the economy's production increased about
a. 25 percent and prices rose about 5 percent. b. 50 percent and prices rose about 10 percent. c. 75 percent and prices rose about 15 percent. d. 100 percent and prices rose about 20 percent.
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.
Full employment in the United States
A. means that the cyclical unemployment rate is about 2%. B. means 0% unemployment for 6 months. C. means the economy has no cyclical unemployment. D. means a 100% employment rate.
After selling 1,000 three-ring binders Tony DiFulvio realizes that the marginal revenue from selling the last binder was less than the marginal cost. From this we can conclude that
A) Tony's business earns a short-run economic profit. B) Tony should shut down his business temporarily. C) Tony's profit fell after selling his 1,000th three-ring binder. D) Tony's profit would be greater if he sold an additional three-ring binder.