Any restriction on the ease of exchanging on currency for another tends to harm
A. both the prospective import purchaser and the prospective export manufacturer.
B. no one.
C. only the prospective purchaser of imported goods.
D. only the prospective manufacturer of goods for export.
Answer: A
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Specialization and trade exploit differences in productivity across workers and
A) make everyone better off. B) only benefit the importer. C) make everyone worse off. D) only benefit the exporter.
Suppose a hurricane causes a great deal of destruction in Florida. After the hurricane, it takes much longer than usual for the reconstruction to take place. A possible explanation for this is
A) greed by suppliers of construction materials increased. B) government prevented price gouging during the reconstruction period. C) prices of construction materials fell in the Midwest. D) environmental restrictions on lumbering in the Pacific Northwest were relaxed.
Consider the two following statements: I. x is an inferior good. II. x exhibits Giffen's Paradox. Which of the following is true?
a. I implies II, but II does not necessarily imply I. b. II implies I, but I does not necessarily imply II. c. I and II are statements of the same phenomenon.
Which of the following occurs simultaneously with an income effect?
A. substitution effect B. preferences effect C. backward-bending supply curve D. Giffen good effect