When a country allows trade and becomes an importer of a good,
a. domestic producers become better off, and domestic consumers become worse off.
b. domestic producers become worse off, and domestic consumers become better off.
c. domestic consumers become better off, but the effect on the well-being of domestic producers is ambiguous.
d. domestic producers become worse off, but the effect on the well-being of domestic consumers is ambiguous.
b
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Jorge, a computer programmer, was laid off when his firm went out of business. He began to look for work, but was struck by a car and his hands and one leg were broken. He is unable to use the computer to seek jobs, or to go to interviews for jobs. It is now week 5 of 6 weeks in his cast. According to the current rules, Jorge will probably be classified as:
a. employed b. unemployed c. out of the labor force d. unemployable
The point where a firm lacks enough revenue to cover its variable costs is called the:
a. point of perfect competition. b. shutdown point. c. point of no return. d. fixed cost point.