By and large, small countries tend to benefit the most from international trade because
a. their citizens tend to be the most different from the rest of the world.
b. they are unable to achieve self-sufficiency.
c. they can collect large amounts of tariff revenue from trading with larger countries.
d. their citizens are more likely to prefer the high-quality, capital-intensive goods available only from larger countries.
a. their citizens tend to be the most different from the rest of the world.
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The price effect is equal to the
A) substitution effect. B) substitution effect plus the income effect. C) marginal rate of substitution minus relative prices. D) substitution effect minus the income effect.
With careful planning, we can usually get something that we like without having to give up something else that we like
a. True b. False Indicate whether the statement is true or false
Which of the following is the most likely result of an increase in the minimum wage?
a. An increase in the employment of unskilled workers. b. A decrease in the number of workers seeking minimum wage jobs. c. An increase in the demand for unskilled workers. d. A decrease in the employment of unskilled workers.
In the United States, long-term poverty, defined as a family having an income below the poverty line for eight or more years, is
a. common, affecting approximately 25 percent of all American families. b. common, affecting approximately 15 percent of all American families. c. uncommon, affecting approximately 8 percent of all American families. d. rare, affecting approximately 3 percent of all American families.