Free trade ________ living standards by ________ economic efficiency
A) lowers; eliminating B) raises; equalizing
C) lowers; decreasing D) raises; increasing
D
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The above figure shows the marginal social benefit and marginal social cost curves of chocolate in the nation of Kaffenia. At Kaffenia's efficient quantity of chocolate
A) total consumer surplus is zero. B) total producer surplus is zero. C) the sum of consumer surplus and producer surplus is zero. D) the sum of consumer surplus and producer surplus is maximized.
Adjustments to GDP to account for environmental impacts is
a. ecodevelopment b. sustainable growth c. externalities d. environmental accounting e. none of the above
If mortgages and houses are complements in consumption and interest rates decrease, we would expect to see
a. An increase in demand for houses b. An decrease in demand for houses c. An increase in the quantity of houses demanded d. An decrease in the quantity of houses demanded
Those economists who do not believe there is anything inherently wrong with monopolies advocate a policy of
a. laissez-faire b. marginal cost pricing c. antitrust d. patent control e. nationalization