The overall welfare effects of trade are ________ if ________
A) positive; those who gain can compensate those who lose and still be better off
B) positive; more people gain from trade than lose from it
C) negative; some people are made worse off by trade
D) negative; those who lose can compel those who gain to compensate them for their losses
E) positive; the domestic economy grows faster than do foreign economies
A
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Which statement below is true for a price searcher?
A) Net revenue can only be positive. B) Net revenue can only be negative. C) Net revenue can only be zero. D) Net revenue can be positive, negative, or zero.
Which of the following is correct when the perfectly competitive firm is producing its long-run equilibrium output level?
a. MR equals MC. b. AR equals ATC. c. P equals MC. d. All of these.