Suppose that a country with a closed economy opens itself to international trade and becomes a net exporter. In that case, domestic suppliers will supply ________ of that good after it opens itself to international trade.
A. less
B. same amount
C. none
D. more
Answer: D
You might also like to view...
It is unlikely that players will attain the Stackelberg equilibrium if
a. both players have a dominant strategy. b. the Stackelberg equilibrium is Pareto preferred to the Nash equilibrium. c. the second player cannot be assured that the first player is committed to his strategy. d. there is an advantage to being the second player.
The factor market can best be described as where
A) households buy goods and services. B) firms buy goods and services. C) firms buy the services of labor, land and capital. D) governments sell goods and services.
It's logical, it's a rule of thumb, it's an economic guideline: As long as MR > MC, and the firm responds by increasing the quantity it produces,
a. profit will eventually fall to zero b. profit will increase c. profit will decrease d. profit will remain unchanged e. the firm will minimize loss
Recall the Application about craft beer and the increase in the price of hops to answer the following question(s).According to this Application, between 2012 and 2017, the increase in craft beer production increased the price of hops:
A. by about 118 percent. B. by about 87 percent. C. by about 18 percent. D. by about 78 percent