Which of the following statements about trade barriers is true?
A. The economic costs of trade barriers exceed their economic benefits, creating an efficiency loss for society.
B. The economic benefits of trade barriers exceed their economic costs in developing nations.
C. It is impossible to estimate the benefits of trade barriers.
D. The economic costs and benefits of trade barriers are about equal.
Answer: A
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A recent article suggests that the introduction of the new iPhone 6 increased the demand for iPhone protective cases. The article suggests that these two goods are
A) substitutes and their indifference curves are close to being straight lines. B) complements and their indifference curves are close to being straight lines. C) substitutes and their indifference curves are close to being L shaped. D) complements and their indifference curves are close to being L shaped.
In the Wealth of Nations, Adam Smith wrote about how countries could increase their consumption of goods and services through specialization and trade with other countries
a. True b. False Indicate whether the statement is true or false