A common fallacy that is used to oppose trade is the idea that
a. the only gains from trade go to the rich, so the poor must lose.
b. "you get what you pay for."
c. "if it's not broken, don't fix it."
d. one country's gain must be another's loss.
e. what is true for one is true for all.
d
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In recent decades, international trade has been
a. a constant percentage of U.S. GDP b. a declining fraction of U.S. GDP c. an increasing fraction of U.S. GDP d. declining as measured by total dollars spent e. constant as measured by total dollars spent
Jeff runs a bakery that is famous for its handmade sweet buns. Suppose the elasticity of demand for sweet buns is equal to 0.21, then an increase in the price of the buns: a. will result in a decrease in the supply of sweet buns. b. will result in an increase in the demand for sweet buns
c. will result in a decrease in the total revenue earned by Jeff. d. will result in an increase in the total revenue earned by Jeff.