The additional cost to a producer of hiring an additional unit of labor is called the marginal cost

If a tariff of $10 has no effect on the world price, the optimal tariff on that product

A) is $10. B) is zero. C) is higher than $10. D) depends upon the amount of government revenue collected.

A logical starting point from which the study of international trade begins is

a. the recognition that not all markets are competitive. b. the recognition that government intervention in markets sometimes enhances the economic welfare of the society. c. the principle of absolute advantage. d. the principle of comparative advantage.