When a country allows international trade and becomes an importer of a good,
a. domestic producers of the good become better off.
b. domestic consumers of the good become worse off.
c. the gains of the winners exceed the losses of the losers.
d. All of the above are correct.
c
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An inefficient use of resources can be illustrated using a production possibilities curve as: a. a movement to the northeast along the curve
b. a movement to the southeast along the curve. c. a movement off the curve in a northeast direction. d. a movement off the curve in a southwest direction.
For a given change in demand: a. Quantity will change relatively more in the long run than the short run. b. Quantity will change relatively more in the short run than the long run. c. Price will change relatively more in the long run than the short run
d. Both b. and c. are true.
What will happen to profits and domestic prices when a quota is used to protect a domestic monopolist from international competition?
a. Profits will fall; domestic prices will fall. b. Profits will fall; domestic prices will rise. c. Profits will rise; domestic prices will rise. d. Profits will rise; domestic prices will fall.
Wealth equals:
A. assets minus liabilities. B. investment minus saving. C. current income minus spending on current needs. D. saving minus investment.