Refer to the information provided in Figure 20.3 below to answer the question(s) that follow.
Figure 20.3Refer to Figure 20.3. The domestic price of shoes is $80. After trade the price of a pair of shoes is $60. After trade this country will ________ 300 pairs of shoes.
A. sell
B. buy
C. import
D. export
Answer: C
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Refer to Figure 4.8. How many different Nash equilibrium points are there in this game?
A) 0 B) 1 C) 2 D) 3
If the price of a pizza were to increase to $50, many people would give up eating pizza while others would continue to eat it. This would indicate
A) those who are buying pizza value it at least $50 per pizza. B) those who are not buying pizza value it more than $50 per pizza. C) only those who are extremely wealthy are buying pizza. D) the price of pizza needs to be regulated by the federal government.
If an individual labor supply curve bends backward at some high wage, so does the market labor supply curve
a. True b. False Indicate whether the statement is true or false
The amount of good A given up for good B in trade is the
A. Comparative advantage. B. Absolute advantage. C. Exploitation of consumers. D. Terms of trade.