Often the Benefit an Individual Consumer Receives from the Elimination

question 52

True/False

Often the benefit an individual consumer receives from the elimination of trade barriers is much less than the benefit a domestic firm or industry receives from keeping such a barrier in place.

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Definitions:

Supply

The total amount of a good or service that is available for purchase at various prices in a given market.

Japanese Yen

The official currency of Japan, used as a medium of exchange and a standard of value within the country.

Upsloping

Describes a curve or line on a graph that shows an increase in value or quantity as it moves from left to right.

Flexible Exchange Market

Refers to a foreign exchange market where exchange rates are allowed to move due to market forces without intervention by country governments.