Define the process of queuing
What will be an ideal response?
Queuing is the process of waiting in line as a means of distributing goods and services: a non-price rationing mechanism.
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If the price level in the United States decreases, domestic goods will become relatively cheaper than foreign goods, the demand for U.S.-made goods will increase, and the U.S. aggregate demand curve will shift to the right
a. True b. False Indicate whether the statement is true or false
"Trade restrictions such as tariffs and quotas are like a blockade that a nation imposes on its own people." Is this statement true?
A) Yes, both the trade restrictions and a blockade will reduce the gains from specialization and trade. B) No, a blockade will help the residents of a nation achieve a higher income level; trade restrictions will not. C) No, trade restrictions will help the residents of a nation achieve a higher income level; a blockade will not. D) Uncertain, the statement is true if the gains of the residents exceed those of foreigners; otherwise it is false.