Which of the following statements is TRUE? I. A $0.50 tax on each fishing lure sold raises the price per lure by $0.50. II. A tax on sellers is equivalent to a tax on buyers.
Refer to the following figure. Under conditions of free trade, how many units of this good will be imported? A. Q1 B. Q2 C. Q3 D. Q4
Transcribed image text: Economists consider tariffs to be: Select one: O A. beneficial to domestic consumers. • B. obstacles that reduce gains from trade. o C. necessary o D. harmful to domestic producers. In most cases, trade restrictions will: Select one: A. save some jobs and destroy some other jobs. B. save jobs without any other costs.
After trading, value would be higher because preferences are diverse.
Conan O'Brien hosts the Conan show and Andy Richter, his sidekick, writes for it. Conan needs 4 hours to rehearse and host a good show. It takes Andy 10 hours to do the same. Conan writes one usable joke in an hour, but Andy needs 2 hours to do the same. Conan's opportunity cost of rehearsing and hosting a show is:
One person can have an absolute advantage in both goods but not a comparative advantage in both goods.
After trading, value would be higher because preferences are diverse.
Conan O'Brien hosts the Conan show and Andy Richter, his sidekick, writes for it. Conan needs 4 hours to rehearse and host a good show. It takes Andy 10 hours to do the same. Conan writes one usable joke in an hour, but Andy needs 2 hours to do the same. Conan's opportunity cost of rehearsing and hosting a show is:
One person can have an absolute advantage in both goods but not a comparative advantage in both goods.