Which of the following is not an argument against free trade?
A. Diversification and defense
B. Comparative advantage
C. Dumping by monopolistically inclined exporters
D. Infant industries
B. Comparative advantage
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In the specific factors model, the effects of trade on welfare overall are ________ and for fixed factors used to produce the imported good they are ________
A) positive; negative B) positive; positive C) negative; positive D) ambiguous; positive E) positive; ambiguous
If the wage rate drops, an employer will be willing to hire more workers, ceteris paribus.
Answer the following statement true (T) or false (F)
Why does this graph show an increase in income?
a. area a + c is greater than area b + c
b. area b + c is greater than area a + b
c. area a + b is greater than area b + c
d. area b + c is equal to area a + b
If price were regulated to be equal to long-run marginal cost, the firm in Figure 13.3 would be:
A. making a zero economic profit. B. losing money. C. making a positive economic profit. D. breaking even.