In a situation of free trade
a. countries with comparative advantage will export more than countries with comparative disadvantage import.
b. the total quantity of an item exported will be greater than the total quantity imported.
c. importing countries will always produce some good, so that total quantity imported is less than total quantity exported.
d. the total quantity of an item exported will equal the total quantity imported.
d
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Refer to Table 4-1. The table above lists the highest prices three consumers, Tom, Dick, and Harriet, are willing to pay for a short-sleeved polo shirt. If the price of the shirts falls from $28 to $20
A) Harriet will receive more consumer surplus than Tom or Dick. B) Tom will buy two shirts; Dick and Harriet will each buy one shirt. C) consumer surplus increases from $14 to $35. D) consumer surplus will increase from $70 to $95.
What is the difference between an endogenous variable and an exogenous variable?
What will be an ideal response?