The terms of trade (TOT) is defined as
A) (index of export prices)/(index of import prices).
B) (home-country currency)/(foreign-country currency).
C) .
D)
A
Economics
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The additional revenue obtained by a firm when it hires an additional worker, holding other inputs constant, is
A) the marginal physical product of labor. B) the marginal revenue product of labor. C) the marginal cost of labor. D) equal to total revenue divided by the number of workers.
Economics
Who does not gain when a tariff is imposed?
A. Domestic producers of the good. B. Domestic workers in the protected industry. C. Domestic consumers of the good. D. Domestic suppliers in the protected industry.
Economics