The skills and knowledge gained by a worker through education and experience are ____________ .

If $1 was equivalent to 120 Japanese yen in 2008 and 125 Japanese yen in 2010, it implies in 2010, there was:

a. a depreciation of the dollar against the yen. b. a depreciation of the yen against the dollar. c. an appreciation of the yen against the dollar. d. no change in the value of yen, but the dollar had weakened. e. no change in the value of dollar, but the yen had strengthened.

Which of the following is an incorrect observation? a. Import tariffs benefit domestic producers and the government, but harms domestic consumers

b. Gains from trade in terms of world output are reduced by export subsidies. c. The overall domestic employment effects of a tariff imposition are likely to be positive. d. If the imposition of a tariff leads to retaliatory tariffs by other countries, domestic employment outside the industry gaining the tariff protection would likely suffer.