Recall the Application about the impact Chinese imports have on U.S. labor markets to answer the following question(s).According to the Application, did Autor, Dorn and Hanson's study show that trade with China not beneficial to the United States?
A. No, the study did not look into the additional opportunities of U.S. firms to export into China.
B. Yes, communities exposed to imports from China had high unemployment rates.
C. Yes, communities exposed to exports to China had high unemployment rates.
D. Yes, communities exposed to imports from China had lower inflation rates.
Answer: A
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We calculate the price elasticity of demand as the
A) ratio of the percentage change in the quantity demanded to the percentage change in price. B) change in quantity divided by the change in price. C) ratio of the percentage change in the price to the percentage change in quantity. D) percentage change in the quantity demanded divided by the percentage change in income. E) equilibrium quantity divided by the equilibrium price.
If the long-run supply curve is upward sloping, we know that
A) entrepreneurs are earning higher profits as output expands. B) some input prices are increasing as the industry expands. C) firms are getting larger as the industry contracts. D) the law of diminishing marginal returns has set in.
Which of the following is an example of a payoff matrix?
a. A chart listing a train's arrival and departure times b. A chart showing the income limits for each tax bracket c. A chart listing the possible outcomes for each decision d. A chart showing the effect of changes in variable input upon total output
Altering incentives so that people take account of the external effects of their actions
a. is called internalizing the externality. b. can be done by imposing a corrective tax. c. is the role of government in markets with externalities. d. All of the above are correct.