Suppose sugar is exported from a nation. In the sugar market who does NOT benefit from the exports?
A) domestic consumers
B) domestic producers
C) workers in the industry
D) foreign consumers
A
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If U.S. exports are $2.2 billion and our imports are $2.7 billion
A) the United States is lending to the rest of the world. B) U.S. national saving is too high. C) the United States is borrowing from the rest of the world. D) U.S. investment must decrease.
Which of the following statements is true?
a. When central planners set prices above equilibrium for goods and services they create shortages. b. Adam Smith argued that government's role in society would be to do absolutely nothing. c. The United States today comes closer to the socialist form of economic organization than it does capitalism. d. According to Karl Marx, under capitalism, workers would be exploited and would revolt against the owners of capital.