When a country gains from trade:
A. everyone in that country benefits from the trade.
B. the total producer surplus increased in the country.
C. the net gain of surplus is positive for that country.
D. the total consumer surplus increased in the country.
Answer: C
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The inflation associated with the oil embargoes of the 1970s illustrated the _____ of the downward-sloping Phillips curve in the long run, as unemployment _____ during this period
a. validity; fell b. validity; rose c. fallacy; rose d. fallacy; fell e. fallacy; did not change
Over the last 50 years or so, the rate of growth of average working hours has been mostly negative
a. True b. False
Refer to the graph shown. The relationship represented in the figure is called a:
A. labor demand curve. B. short-run Phillips curve. C. labor supply curve. D. long-run Phillips curve.
Suppose potential income is $60 billion, actual income is $40 billion, and expenditures don't vary with income. If the actual budget deficit is $4 billion and the marginal tax rate is 20 percent, the cyclical deficit:
A. is between zero and $4 billion. B. is zero. C. is $4 billion. D. cannot be determined from the given information.