The American Dairy Association starts a highly successful advertising campaign that makes most people want to drink more milk. As a result,
A) the demand for milk increases.
B) the quantity demanded of milk increases.
C) the price of milk falls to encourage people to drink more milk.
D) the demand for milk is not affected.
E) the demand for milk decreases because the price of milk rises.
A
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The most important thing about higher labor productivity is that it means
A) we can compete well with other nations. B) we are doing better than anyone else is. C) we can achieve a happier population. D) we can have a higher standard of living.
Trade diversion is one reason that some economists:
a. believe we should not even other to promote free trade. b. recommend we change our focus from regional trade agreements to the WTO, a multilateral trade agreement. c. recommend we reinstate some tariffs that were actually beneficial to all nations. d. think we should exclude low-wage nations from trade agreements.