Globalization ________ the wages of workers in the exporting industries and ________ the wages of workers in the import-competing industries.
A. lowers; raises
B. raises; does not change
C. raises; raises
D. raises; lowers
Answer: D
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We cannot predict the effect on the market clearing price, but know that the equilibrium quantity will increase when
A) supply increases and demand decreases. B) supply and demand for a product simultaneously decrease. C) supply and demand for a product simultaneously increase. D) supply decreases and demand increases.
If a consumer is purchasing a good and her net marginal utility is positive,
A. she should continue to consume at this level. B. she should purchase more units, so long as the net marginal utility is greater than zero. C. she should check to see what the price is. D. she should buy more units until her net marginal utility turns negative.