What has produced the rapid expansion in international trade in the last several decades?
What will be an ideal response?
The rapid expansion of trade in the last several decades has come from lower costs in shipping by sea and air, lower costs of communication worldwide, and falling legal barriers to trade, such as tariffs, quotas, and other regulatory barriers.
You might also like to view...
If the number of sellers decreases, then the supply curve ________ and the supply ________
A) shifts rightward; increases B) shifts leftward; decreases C) does not shift; does not change, but there is a decrease in the quantity supplied D) shifts leftward; increases E) shifts rightward; decreases
If a used-car dealer suffers economic losses, then
A) as a group, its customers were necessarily made worse off. B) as a group, its competitors necessarily enjoyed economic profits. C) it must pass its losses onto its future customers. D) none of the above is true.
The marginal tax rate has less effect on economic incentives than does the average tax rate
a. True b. False Indicate whether the statement is true or false
If Suzette responds to an increase in the interest rate by decreasing her saving, then, for Suzette,
a. the increase in the interest rate creates an income effect that is greater than the substitution effect. b. the increase in the interest rate creates a substitution effect that is greater than the income effect. c. consumption when young and consumption when old are perfect substitutes. d. consumption when young and consumption when old are perfect complements.