Trade contributes to prosperity because:
a. every country lacks some vital resources that it can get economically only by trade
b. each country's climate makes it a relatively efficient producer of some goods, and an inefficient producer of other goods.
c. each country's labor force makes it a relatively efficient producer of some goods, and an inefficient producer of other goods.
d. of all of the above.
d
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"Similar to imports, U.S. exports depend on the level of U.S. real GDP so that if real GDP increases, U.S. exports increase." Explain whether the previous sentence is correct or incorrect
What will be an ideal response?
Refer to Table 15.1. The uses of government funds for Arugula in 2012 total
A) $135 million. B) $195 million. C) $380 million. D) $600 million.
Which of the following is true?
a. A lower price will increase your consumer surplus by the amount you were buying originally, times the reduction in the price. b. A lower price will leave unchanged your consumer surplus for each of the units you were already consuming, but will increase consumer surplus from increased purchases at the lower price. c. A lower price will decrease your producer surplus for each of the units you were producing, but will not change producer surplus by changing the quantity sold. d. None of the above is true.
If there are only 10 firms in an industry, each with 10 percent of industry sales, this is an example of
a. monopolistic competition b. unbalanced oligopoly c. balanced oligopoly d. perfect competition e. insignificant firm market power