One reason there is political opposition to international trade is that:
A. the potential gains from specialization and trade are small.
B. not everyone benefits from trade.
C. trade does not increase the total value of goods and services produced by a nation.
D. the differences in opportunity costs between countries are small.
Answer: B
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The free-rider problem arises if goods are
A. nonrivalrous in consumption. B. rivalrous in consumption. C. nonexcludable. D. excludable. E. a and d
If you believe that a worker should be paid on the basis of what he or she produced, you believe in
A) the egalitarian principle. B) the productivity standard. C) the benefits standard. D) the comparative worth principle.
Which of the following shifts the long-run aggregate supply curve to the left?
a. either an increase in the price of imported natural resources or a reduction in trade restrictions. b. neither an increase in the price of imported natural resources or a reduction in trade restrictions. c. an increase in the price of imported natural resources and an increase in trade restrictions. d. an increase in trade restrictions and a decrease in the price of imported natural resources.
The study of how a particular firm might choose to maximize its profits would fall into what type of analysis?
A) macroeconomics B) microeconomics C) political economics D) aggregate economics