When a country allows trade and becomes an exporter of goods consumers gain more than producers lose
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is an example of a dummy variable?
A. A person’s hourly wage B. The number of years of education someone has C. The number of years of work experience someone has D. Whether or not someone has a college degree
Refer to the figure below, which shows three supply curves for corn. Which of the following would cause the supply of corn to shift from S1 to S2?
A. An increase in the price of fertilizer
B. A change in consumer tastes away from cornbread
C. A decrease in consumer incomes, assuming corn is a normal good
D. The development of a more effective insecticide against corn rootworm
As of February 2013, more than half of the money supply (M1) was in the form of:
A. Currency B. Checkable deposits C. Gold coins and bars D. Savings deposits
When can we expect a factor-price effect to occur? How does a factor-price effect alter an industry's short-run and long-run supply curves?
What will be an ideal response?