As more labor is used, holding capital constant, A. The marginal product of job decreases. B. The form of the production role gets steeper indigenous left come right. C. The marginal product of labor increase.

You are watching: For trade to take place, a country must face a world relative price that is


In each sector of a particular factors economy, profit-maximizing employers will need labor up to the point where ...
Assume a certain factors economy produced two goods, cloth and also food, and that when representing the output of this economic situation graphically, fabric is on the x-axis and also food is ~ above the y-axis. When the price of cloth increase through 5% and also the price that food increases by 5%. A. The output of food falls. B. The output of cloths rises. C. The real incomes that landowners remain the same. D. Job shifts native the food sector to the clothes sector.
For profession to take it place, a nation must challenge a civilization relative price that is A. Various from the relative price that would prevail in the lack of trade. B. Much more than the relative price that would prevail in the lack of trade. C. The exact same as the relative price that would prevail in the lack of trade. D. Much less than the relative price that would certainly prevail in the lack of trade.
When opening as much as trade, an economic situation A. Exports and also import the great whose loved one price has actually decreased. B. A. Exports and also import the an excellent whose loved one price has actually increase. C. Exports the an excellent whose relative price has increased and also imports the god whose relative price has decreased. D. Exports the great whose family member price has decreased and also imports the great whose relative price has actually increased.
C. Exports the good whose relative price has increased and imports the god whose relative price has decreased.
in 1986, the price of oil on world markets dropped sharply. Since the United says is an oil-importing country, this to be widely related to as great for the united state economy. However in Texas and Louisiana, 1986 was a year of financial decline. Why? In Texas and Louisiana, 1986 was a year of economic decrease because in these 2 states, A. A significant fraction of workers in the oil industry transferred to various other sectors. B. Oil manufacturing was reduced. C. Also though owners of funding in the oil market benefitted, workers in the oil market experienced high rates of unemployment.
Trade services A. All determinants in the economy. B. The factor that is specific to the income - competing sectors. C. The element that is particular to the export sector of every economy. D. Mobile factors.
Suppose a certain factors economic climate produces two goods: x and also y. Provided that the economic climate is open to trade, and assuming that D in consumption, Q is production, and P is price, the spending plan constraint deserve to be characterized as...
Assume a specific factors economic situation produces 2 goods, cloth and food, and also that when representing this economic climate graphically, cloth is top top the x-axis and food is ~ above the y-axis. Because that a trading economy, A. The slope of the budget plan constraint is (Pc/Pf) B. The slope of the spending plan constraint is -(Pf/Pc) C. The spending plan constraint intersects the PPF in ~ the chosen production point. D. The budget plan constraint is tangent to the PPF at the liked production point.
The basic reason why trade potentially benefits a country is the it A. Promotes restoration of natural resources. B. Rises dependency on foreign countries. C. Guarantees that everyone is better off. D. Expends the economy"s choices.
Within each nation that opens up to global trade, A. Workers always lose if corporations always win. B. Over there is a clearcut get for all factors owners. C. There will certainly be losses come the country"s abundant factor. D. Some element owners gain, yet other determinants owners lose.
Movement of labor from a Foreign country to the residential (Home) economic climate A. Rises the marginal product of labor in Foreign. B. Boosts the marginal product of labor at Home. C. Pipeline the marginal product that land unchanged in both countries. D. Occurs only is the marginal product of labor is greater in international than in ~ Home.

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According to the one-good model, worldwide mobility labor A. Go not completely equalize genuine wages throughout countries. B. Makes everyone in the world far better off. C. Increase the world"s output. D. Does not affect the marginal calculation of land.
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