Creating conditions for fair trade by limiting imports will make the domestic consumers better off as they will be required to pay low prices for the products

Suppose the respective prices of yogurt, candy bars, and popcorn in Year 1 are $1, $2, and $3 . In Year 2, the unit prices of each are $2, $3, and $4 respectively. Which of the following statements is true of the price level between Year 1 and Year 2? a. It decreased by 20 percent

b. It increased by 33 percent. c. It increased from $6 to $9. d. It decreased at a rate between 20 percent and 50 percent. e. It increased at a rate between 33 percent and 100 percent.

The opportunity cost of current household consumption is the

a. wage rate. b. market interest rate. c. price of the goods consumed. d. explicit cost of consumption.