Self interest
A) reflects choices that are best for the individual who makes them.
B) reflects choices that are best for society as a whole.
C) occurs only when wants exceed available resources.
D) cannot be used to determine how goods are produced.
E) has nothing to do with determining what goods are produced.
A
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If Japan is relatively capital rich and the United States is relatively land rich, and if food is relatively land intensive then trade between these two, formerly autarkic countries will result in
A) an increase in the relative price of food in the U.S. B) an increase in the relative price of food in Japan. C) a global increase in the relative price of food. D) a decrease in the relative price of food in both countries. E) an increase in the relative price of food in both countries.
The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. If a $1 per unit tariff is imposed on imported rice, the quantity of imported rice will decrease by
A) 15 units. B) 25 units. C) 35 units. D) 50 units.