The efficiency case made for free trade is that as trade distortions such as tariffs are dismantled and removed
A) government tariff revenue will decrease, and therefore national economic welfare will decrease.
B) government tariff revenue will decrease, and therefore national economic welfare will increase.
C) deadweight losses for producers and consumers will decrease, hence increasing national economic welfare.
D) deadweight losses for producers and consumers will decrease, hence decreasing national economic welfare.
E) government tariff revenue will increase, hence increasing national economic welfare.
C
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The disastrous famine in North Korea was the result, in great part, of the government's efforts to develop
a. new trade bloc b. stronger military c. market economy d. large middle class
If the price of music downloads was to decrease, then
A) the supply of MP3 players would increase. B) the demand for MP3 players would decrease. C) the demand for MP3 players would increase. D) the quantity of MP3 players demanded would decrease.