When the nation of Duxembourg allows trade and becomes an importer of software,
a. residents of Duxembourg who produce software become worse off; residents of Duxembourg who buy software become better off; and the economic well-being of Duxembourg rises.
b. residents of Duxembourg who produce software become worse off; residents of Duxembourg who buy software become better off; and the economic well-being of Duxembourg falls.
c. residents of Duxembourg who produce software become better off; residents of Duxembourg who buy software become worse off; and the economic well-being of Duxembourg rises.
d. residents of Duxembourg who produce software become better off; residents of Duxembourg who buy software become worse off; and the economic well-being of Duxembourg falls.
a
You might also like to view...
When marginal revenue is zero:
A. total revenue is maximized. B. elasticity of demand is zero. C. total cost is minimized. D. profit is maximized.
In real-world markets
a. economic efficiency is rare because making voluntary transactions is difficult b. economic efficiency is rare because Pareto improvements are difficult to make c. economic efficiency is best thought of as a continuum d. perfect competition is an impediment to economic efficiency e. every possible Pareto improvement is exploited
What is the effect of the establishment of a price ceiling below the equilibrium price?
a. increased production leading to excesses b. increased demand leading to shortages c. more goods available to consumers d. fewer buyers looking to purchase goods
In a recent article in USA Today, the price of gasoline rose over the past year from $3.50 to $4.00, a price hike of about 14.29 percent. Gasoline consumption over the past year declined by 10 percent. So, on the basis of this article, we can conclude
that A) The own-price elasticity for gasoline is nearly -0.70 B) The own-price elasticity for gasoline is -1. C) The own-price elasticity for gasoline is roughly -1.43. D) Can't tell; insufficient information.