Economists and laypeople see the pros and cons of international trade
12) Economists and laypeople see the pros and cons of international trade in different ways.
Which of the following is one of those ways?
a) Laypeople believe in the law of one price and economists do not.
b) Laypeople enjoy the benefits of trade in terms of lower consumer prices.
c) Laypeople tend to think of foreign trade only in terms of manufactured goods.
d) Laypeople recognize that the United States has a comparative advantage in services.
13) Refer to the table shown. At what level of employment is the marginal product of labor seven?
Refer to the graph shown. At which point is elasticity zero?
15) Refer to the graph shown. Initially, the market is in equilibrium with price equal to $3 and quantity equal to 100. Government imposes a tax on suppliers of $1 per unit. The effect of the tax is to
a) lower the price sellers keep after paying the tax.
b) lower the price consumers pay from $3 to $2.
c) raise the price consumers pay from $3 to $4.
d) raise the price sellers keep after paying the tax.
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