The above figure shows the U.S. market for flip-flops. With international trade, the United States imports ________ flip-flops
A) 400,000
B) 0 because the United States exports flip-flops
C) 700,000
D) 300,000
E) 500,000
A
You might also like to view...
The complexity of the U.S. federal income tax system results in significant annual deadweight losses. The opportunity cost of the hours taxpayers spend on record keeping and completing their tax returns amounts to billions of dollars
a. If the tax system was simplified, how would this benefit the economy? b. Why hasn't the tax system been simplified?
A true cost-of-living adjustment (COLA) in response to a change in prices would compensate consumers so that they would be able to
A) purchase the same bundle they purchased before prices changed. B) achieve the same level of utility they did before prices changed. C) face the same choices they did before prices changed. D) achieve an increase in utility that is equal to the rate of inflation.