If the United States were to permit importation of lower cost pharmaceuticals from abroad, should this importation apply to all foreign countries or a limited number? If a limited number, which should they be and why?
What will be an ideal response?
Answer: If the United States were to permit importation of lower cost pharmaceuticals from abroad then it can apply to all the foreign countries provided that the pharmaceuticals from these countries pass the standard guidelines issued by the United States for these pharmaceuticals. Country does not matter in this case, however, the quality of the product does matter. Thus, strict regulation by the government is needed to keep a check that only products that pass the guidelines will be imported in the United States.
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Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 100 and that it is 150 in country B.) What part of domestic output in country B is the total wage bill before and after the immigration?
A. $1,700M before and $2,250M after
B. $2,250M before and $1,700M after
C. $1,500M before and $2,250M after
D. $1,700M before and $1,500M after
A major hurricane causes production problems in Gulf Coast region of the United States. This would cause
A) the short-run aggregate supply curve to shift to the left, but there would be no effect on the long-run aggregate supply curve. B) the short-run aggregate supply curve to shift to the left, and the long-run aggregate supply curve would shift to the right. C) both the short-run and the long-run aggregate supply curves to shift to the right in equal amounts. D) both the short-run and the long-run aggregate supply curves to shift to the left, but the long-run aggregate supply curve would shift more than the short-run curve.
f the dollar appreciates relative to the Yen, it can be said that
What will be an ideal response?
The aggregate supply curve is shifted to the left ( inward) by
A. an increase in the price of any input to the production process. B. a decrease in the price of any input to the production process. C. the price of any input staying the same. D. None of the above is correct.