The primary benefits of international trade include:
A. the more efficient use of world resources and higher living standards.
B. greater stability of domestic output, employment, and the price level.
C. diminished dependence on foreign supplies of goods and materials.
D. greater economic security for our domestic producers.
A. the more efficient use of world resources and higher living standards.
You might also like to view...
Induced expenditure is any expenditure that
A) is fixed for all price levels. B) is fixed for all levels of real GDP. C) changes when real GDP changes. D) changes when the interest rate changes. E) is fixed for all levels of the interest rate.
Which of the following is NOT a characteristic of long-run equilibrium in monopolistic competition?
A) The firm earns zero economic profit. B) Price is equal to average total cost. C) Production occurs at minimum average total cost. D) Marginal revenue is equal to marginal cost. E) Price exceeds marginal revenue.