Answer the following questions true (T) or false (F)
1. Autarky is a situation where one country does not trade with other countries.
2. The ratio at which a country can trade its exports for imports from other countries is called comparative advantage.
3. A tariff is a numerical limit on the quantity of a good that can be imported.
1. TRUE
2. FALSE
3. FALSE
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If forced to choose, middle class whites would generally prefer as neighbors middle class blacks to poor whites
Indicate whether the statement is true or false
Demand refers to the amount buyers wish to buy, whereas the quantity demanded refers to the position of the demand curve
a. True b. False Indicate whether the statement is true or false
The logic of collective action explains the persistence of tariffs and quotas as an outcome that is driven by the asymmetry between
A. the benefits distributed across many consumers versus the concentration o f the costs in the hands of a few firms. B. the benefits distributed across many firms versus the concentration of the costs in the hands o f a few consumers. C . the benefit s concentrated in the hands of the few consumers, versus the costs distributed across many firms. D. the benefits concentrated in the hands o f the few firms, versus the costs distributed across many consumers.
A demand curve for a normal good
A. is constructed based on the assumption that income is rising. B. shows the inverse relationship between price and quantity demanded. C. slopes upward and to the right. D. is constructed based on the assumption that an inverse relationship exists between price and income.