When a country allows trade and becomes an exporter of a good,
a. domestic producers gain and domestic consumers lose.
b. domestic producers lose and domestic consumers gain.
c. domestic producers and domestic consumers both gain.
d. domestic producers and domestic consumers both lose.
a
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The RBC approach has workers allocating their labor effort over blocks of time, with periods of intense activity when wages are high alternating with slack periods of vacation and leisure
This makes the labor supply curve rather ________, with unemployment an entirely ________ phenomenon. A) steep, voluntary B) steep, involuntary C) flat, voluntary D) flat, involuntary
If AVC=$5 and AFC=15, then AC=
a. $15 b. $5 c. $20 d. $10
Gold mining and the supply of gold depends not only on its price but also on the market rate of interest
a. True b. False Indicate whether the statement is true or false
A country has pasture land where cattle are allowed to graze. However, this land is threatened by overgrazing, which can lead to erosion and a reduction in the value of the land. Which of the following solutions is socially optimal?
a. Selling the pasture land to a private buyer and letting him control the grazing time b. Providing extra security to prevent grazing c. Using a layer of artificial grass to prevent grazing d. Constructing fences and allowing grazing only in one part of the pasture land at a time