Most t-shirts bought by Americans are made in Asia. Producers in Asia making t-shirts trade with America because they
A) cannot produce enough t-shirts for their own domestic consumption.
B) receive a higher price than they would receive from another buyer.
C) cannot lower their price any lower and still make a profit.
D) must export something to the United States.
E) receive a lower price than they would receive from another buyer.
B
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Refer to the scenario above. Collectively, the firms will be better off if:
A) Firm 1 chooses to dump its waste into the river while Firm 2 chooses not to dump its waste. B) Firm 2 chooses to dump its waste into the river while Firm 1 chooses not to dump its waste. C) both firms choose to dump their waste into the river. D) neither of the firms dumps its waste into the river.
Which of the following models view changes in real supply-side factors as determinants of short-run fluctuations in output and employment?
a. New classical models b. Political business cycle models c. Keynesian models d. Real business cycle models e. none of the above