Which of the following demonstrates why international trade is helpful to businesses?
a. Hakan went car shopping and test drove models from several international automakers.
b. The app that Martin designed could be modified and sold in any market around the world.
c. Deb’s Designs had to compete in the clothing market against less-expensive import brands.
d. At the local big box store, Lin found deep discount prices on many essential household items.
b. The app that Martin designed could be modified and sold in any market around the world.
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Tom's consumption possibilities is defined by
A) his income and the prices of the goods that he consumes. B) his preferences for consumption of the goods that he consumes. C) the prices of the goods that he consumes only. D) his income only.
When the government creates a monopoly, the social loss may include
a. declining marginal costs. b. the cost of lawyers and lobbyists hired to convince lawmakers to continue the monopoly. c. excessive monopoly profits. d. diminishing marginal revenue.
As price falls along a supply curve, ________ increase(s) while ________ decrease(s).
A. nothing; quantity supplied, producer surplus, and revenues B. producer surplus and price; quantity supplied and revenues C. quantity supplied and price; producer surplus and revenues D. revenues, quantity supplied, and price; producer surplus
People always face trade-offs because
A) they always have more than one use for their time and money. B) they can always afford to buy different goods and services. C) trading takes place in a market economy. D) they can make themselves better off through trade.