If Japan does not have a comparative advantage in producing rice, the consequences of adopting a Japanese policy of reducing or eliminating imports of rice into their country would include:
a. making the price of rice in Japan rise
b. making the real incomes of Japanese rice producers rise, but the real incomes of Japanese rice consumers fall.
c. making the real incomes of non-Japanese rice exporting countries lower.
d. all of the above
d
Economics
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The demand for money will be high in an economy experiencing: a. a depression
b. hyperinflation. c. deflation. d. a recession. e. a sluggish population growth.
Economics
New classical economists believe that:
a. market failure on a large scale is possible. b. disequilibrium in commodity markets demand government intervention. c. people are completely aware and informed about everything that is happening. d. wages are fixed in the short run. e. people purposefully substitute non-labor activities for work during recession.
Economics