This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were to open to trade, domestic prices would:
A. remain $16, with more units sold overall.
B. decrease to $11 for all units.
C. remain $16 for domestically produced goods, and be $23 for those units imported.
D. increase to $23 for all units.
Answer: D
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Which of the following is a public good?
a. Pencil. b. Apple. c. Light house. d. Gun.
Entrepreneurs are more likely to develop among minority groups that have been blocked from traditional high-paying jobs
a. True b. False Indicate whether the statement is true or false
The currency of the United States is
a. backed dollar for dollar by gold b. backed dollar for dollar by GDP (that is, by goods) c. not backed by anything (neither gold nor fool's gold) d. backed by the government's currency reserves in the vaults at Fort Knox e. backed by gold only for coin, not for paper bills
In recent years, the Bureau of Labor Statistics has released special unemployment rates that include estimates of the number of discouraged and part-time workers that indicate the:
A. problem of part-time workers is insignificant, but the number of discouraged workers is significant. B. problem of discouraged workers and part-time workers is fairly significant. C. problem of discouraged workers and part-time workers is decreasing. D. problem of discouraged workers is insignificant, but the number of part-time workers is significant.