This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, if the economy were to open to free trade, it would become:
A. a net-importer.
B. an autarky.
C. a net-exporter.
D. less efficient with less overall market surplus.
Answer: A
Economics
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Job rationing occurs when the real wage is ________ the equilibrium level and there is a ________ of labor
A) below; surplus B) equal to; shortage C) above; surplus D) above; shortage E) below; shortage
Economics
An individual holds $10,000 in a checking account and the price level rises significantly. Hence
A) the individual's real wealth and consumption expenditure decrease. B) the individual's real wealth decreases but real national wealth increases. C) there is no change in the individual's real wealth. D) the individual's real wealth increases.
Economics