When the United States imports goods from the rest of the world, which of the following parties is harmed?
i. domestic producers of the good
ii. domestic consumers of the good
iii. foreign producers of the good
A) i only
B) ii only
C) iii only
D) i and iii
E) i, ii, and iii
A
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A decrease in demand would be represented by
A) the price of a good going from $3 to $4. B) an increase in the cost of resources used to produce the good. C) a movement along the demand curve. D) a shift of the demand curve to the left.
Which of the following is a non-price determinant of demand?
A) income B) tastes and preferences C) prices of related goods and services D) All of the above are correct.
If a market is narrowly defined, the market share of each firm declines than if it is broadly defined
a. True b. False Indicate whether the statement is true or false
Attempts to lobby the government for private gain are referred to by the text as
A. corruption. B. rent-seeking. C. graft. D. collective agreements.