Economic theory suggests that the standard of living of American workers would fall if the
a. United States had more natural resources.
b. knowledge and skills of workers improved, reducing the need for workers.
c. productivity of American workers declined.
d. United States turned to more automated methods of production.
c. productivity of American workers declined.
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The above figure shows the U.S. market for replacement cell phone batteries. Area B + area D is the
A) tariff revenue. B) decrease in consumer surplus due to the tariff. C) deadweight loss from tariff. D) increase in producer surplus due to the tariff. E) gain in total surplus due to the tariff.
If the Chinese Yuan devalues against the US dollar, then
a. Both the US importers and Chinese importers would benefit b. The US importers would benefit while the Chinese importers would be hurt c. The US importers would be hurt while the Chinese importers would benefit d. Both the US importers and Chinese importers would be hurt