ECON 336 Lecture Notes - Quid Pro Quo, High Tech, Synthetic Fiber
72 views4 pages
19 May 2012
School
Department
Course
Professor
Get access
Grade+
$40 USD/m
Billed monthly
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
10 Verified Answers
Class+
$30 USD/m
Billed monthly
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
7 Verified Answers
Related Documents
Related Questions
1. If we know that Canada exports maple syrup, we can conclude that maple syrup consumers in Canada are worse off than they would be in the absence of trade.
Is the statement true or false?
2. When a country opens up to trade in a good for which it has a comparative advantage, and the country begins to export the good, we can conclude that:
a. |
The domestic price will fall after trade opens up. |
|
b. |
The total surplus for this good will increase as a result of opening up the market to international trade. |
|
c. |
Opening the market to international trade will create a deadweight loss. |
|
d. |
Both buyers and sellers in that country will be better off as a consequence of opening up the market to international trade. |