483) Suppose Countries C and D use only labour as an input and produce only tables and tents. In A, a worker in a week could produce 4 tables or 2 tents. In B, a worker in a week could produce 6 tables. Initially the countries do not trade, and then trade opens
Answer is:
If a worker in country D could produce more than 3 tents a week
Related Micro Economics MCQ (GK Set-1) with Answers
Answer is:
If the countries did not trade, then E would have a lower opportunity cost for tractors
Answer is:
When two countries benefit from the opening up of trade, all citizens in each country will benefit.
486) Suppose a small country imposes a tariff on a good. Which of the following statements is false?
Answer is:
Producer surplus from the good will decrease.
487) Suppose a large country imposes a tariff on a good. Which of the following statements is false?
Answer is: