If we add together all the gains from specialization and trade and then subtract all the losses, the net result would be
A. Zero: the gains and losses would cancel out.
B. Impossible to tell: the net result could be zero, positive, or negative.
C. Negative: a net loss for the world and each country.
D. Positive: a net gain for the world and each country.
Answer: D
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The demand for firewood is likely to be more elastic in the summer than in the winter
a. True b. False
Supply-demand analysis shows that a tax collected from sellers is always fully shifted to buyers
a. True b. False Indicate whether the statement is true or false
According to Classical economists in the 1930s, a recession will end when:
A. government creates enough jobs for all of the unemployed. B. wages fall enough to eliminate unemployment. C. wages rise enough to eliminate unemployment. D. taxes are cut enough to stimulate private spending.
An increase in labor productivity
A) increases the standard of living. B) might be the result of an increase in the quantity of labor. C) generally occurs when physical capital decreases because firms must then hire more workers. D) cannot occur without a corresponding increase in employment. E) decreases the standard of living.