If the United States exports wheat to foreign countries that levy tariffs on wheat imports, the probable result is that the price of wheat will
a. fall in foreign countries.
b. rise in the United States.
c. rise in foreign countries.
d. rise faster in the United States than in foreign countries.
c. rise in foreign countries.
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The above figure depicts the Edgeworth box for two individuals, Al and Bruce. If the endowment is at point a and trade is possible, which of the following points are possible equilibria?
A) a and b B) a and c C) b and d D) c and d
In 2050 it is estimated that the world's most populous country will be:
a. Indonesia b. Japan c. India d. Brazil
The main advantage of using panel data over cross sectional data is that it
A) gives you more observations. B) allows you to analyze behavior across time but not across entities. C) allows you to control for some types of omitted variables without actually observing them. D) allows you to look up critical values in the standard normal distribution.
In order to acquire more of a good we must sacrifice production of another good, because resources are in limited supply. This illustrates the concept of: a. the division of labor. b. ceteris paribus
c. opportunity cost. d. specialization.