When a country exports a good, the ________ to consumers is ________ the ________ to producers
A) gain; equal to; loss
B) gain; larger than; loss
C) loss; larger than; gain
D) gain; smaller than; loss
E) loss; smaller than; gain
E
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Recall the Application. If it is not known whether the decrease in price of illegal drugs is primarily due to a change in supply, a change in demand, or equal changes in both, the equilibrium quantity of drugs
A) will increase. B) will decrease. C) will not change. D) may or may not change.
Which of the following statements is true?
A) Marginal analysis is a key tool used while optimizing in levels. B) Comparative statics is a tool that can be used in both optimization in levels and optimization in differences. C) Marginal analysis is the comparison of economic outcomes before and after some economic variable is changed. D) Comparative statics involves calculating the incremental cost of moving from one alternative to the next best alternative.