When external scale economies exist in an industry, new trade opportunities will cause consumers
A. in the exporting country to gain but consumers in the importing country to lose.
B. in both the exporting and importing countries to gain.
C. in both the importing and exporting countries to lose.
D. in the importing country to gain but the consumers in the exporting country to lose.
Answer: B
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According to Keynesian theory, the profit-maximizing firm demands labor up to the point at which
a. the real wage is equal to the marginal productivity of labor. b. the money wage paid to labor is just equal to the money value of the marginal product of labor. c. labor and capital costs are equal. d. a and/or b are correct.
Suppose the production possibilities for two countries, producing either food or clothing, are shown in the above figure. The United States has a comparative advantage in producing
A) food. B) clothing. C) food and clothing. D) neither good.
One determinant of the derived demand for a resource is the
a. price of the product made using the resource b. extra cost of the resource c. marginal resource cost of the resource d. availability of the resource in the marketplace e. quantity of the resource demanded
The closed shop was outlawed by which act passed by Congress in 1947?
a. Landrum-Griffin Act b. Wagner Act c. Norris-LaGuardia Act d. Civil Rights Act e. Taft-Hartley Act