When both exports and imports are considered, the major advantage of international trade is that it allows us to
a. seclude ourselves from foreign products.
b. consume a larger, more diverse quantity of goods and services at lower prices than would otherwise prevail.
c. benefit at the expense of less-developed nations
d. maintain jobs for workers who would otherwise have little to do.
B
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Suppose the economy experiences a recessionary gap. Expansionary monetary policy will
A) increase real GDP and increase the price level. B) increase real GDP and decrease the price level. C) decrease real GDP and increase the price level. D) decrease real GDP and decrease the price level.
All of the following are possible criticisms of social regulation EXCEPT
A) that the costs may outweigh the benefits. B) that social regulation may create anticompetitive effects. C) that the regulations have not resulted in safer working conditions. D) that the regulations lead to higher production costs.