In the short-run, following the opening of trade
A. groups tied to declining sectors of the economy will suffer from lower returns.
B. workers will suffer from lower wages, but landowners will benefit from higher rents.
C. workers in the country can change jobs but will receive the same wage.
D. gross output remains constant.
Answer: A
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If OPEC increases its price of oil, and still the demand for oil decreases by a very small amount, we can conclude that the demand for oil is
A) relatively elastic. B) relatively inelastic. C) perfectly elastic. D) perfectly inelastic.
"The hotter it gets, the more water people drink." This statement implies that the relationship between temperature and water consumption must have a
a. negative slope. b. positive slope. c. slope always equal to one. d. slope always equal to 45 degrees.