If a nation has an open economy it means that the nation ?

Related Mcqs:

Economists suggest that an optimum tariff would be one which reduce imports to a point where___________?

A. Comparative advantage is achieved B. Price elasticity of imports is unity and tariff revenue is maximized C. import prices are the same as export prices D. marginal social cost equals marginal social benefit...

Tariffs ?

A. Decrease the domestic price of a product B. Increase government earnings from tax C. Increase the quantity of imports D. Decrease domestic production...

A main advantage of specialization results from ?

A. Economies of large-scale production B. The specializing country behaving as a monopoly C. Smaller production runs resulting in lower unit costs D. High wages paid to foreign workers...

For the United states, exports plus imports are about _____ of its gross national product?

A. 5 percent B. 10 percent C. 25 percent D. 55 percent...

The terms of trade measure ?

A. The income of one country compared to another B. The GDP of one country compared to another C. The quantity of exports of one country compared to another D. Export prices compared to import prices...