The loss of jobs due to international trade is often:
A. spread across all sectors while decline in prices is concentrated in one sector.
B. less visible than the decline in prices due to international trade.
C. greater than the benefit of trade in the form of decline in prices.
D. more visible than the decline in consumer prices due to international trade.
Answer: D
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The circular-flow diagram explains, in general terms, how the economy is organized and how participants in the economy interact with one another
a. True b. False Indicate whether the statement is true or false
Explain the concept of diminishing returns.
What will be an ideal response?
In goods markets ________ and in factor markets ________
A) households sell to firms; firms sell to households B) firms sell to households; households sell to firms C) households sell to firms; households sell to firms D) firms sell to households; firms sell to households