Fair-trade standards guarantee:
A. Higher prices to producers that agree to pay their workers higher-than-market wages.
B. That a country will restrict trade with other countries that impose unfair trade practices.
C. That a country will not impose tariffs or quotas on imports.
D. That a government will not intervene in the foreign currency market.
A. Higher prices to producers that agree to pay their workers higher-than-market wages.
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A person removes the anti-pollution devices on his automobile. An external cost associated with this is
A) the feeling of guilt the person feels for violating the law. B) the ticket he gets when a highway patrol officer pulls him over. C) the man's neighbor washes his car more often because of increasing smog. D) the man buys less gasoline, reducing the income of local gas stations.
Microeconomics helps explain economic fluctuations, why the economy shrinks and expands and why some of the economy's resources are idle.
Answer the following statement true (T) or false (F)