By opening up to foreign markets two things countries generally experience are:
A. access to a smaller array of new products and saving money through access to cheaper goods.
B. access to a smaller array of new products and increase in negative trade outcomes with that nation.
C. saving money through access to cheaper goods and finding new customers for their products.
D. increase in negative trade outcomes with that nation and finding customers who generally pay less for their products.
C. saving money through access to cheaper goods and finding new customers for their products.
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Consider the market for turkeys. In the United States, because of Thanksgiving in the month of November,
A) there is a downward movement along the demand curve for turkeys. B) there is an upward movement along the supply curve for turkeys. C) the supply curve of turkeys shifts leftward. D) the demand curve for turkeys shifts leftward. E) neither the demand curve nor the supply curve shift; instead there is a movement along both curves.
In the above figure, if the production of gloves was restricted to 2,000 a day, then the deadweight loss would equal
A) $0, because 2,000 gloves per day is an efficient quantity of gloves to produce. B) $2,000. C) $5,000. D) $10,000.