In the Specific Factors Model, the Effects of Trade on Welfare

question 34

Multiple Choice

In the specific factors model, the effects of trade on welfare overall are ________ and for fixed factors used to produce the imported good they are ________.

• A) ambiguous; positive
• B) positive; negative
• C) positive; positive
• D) positive; ambiguous
• E) negative; positive

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Definitions:

Trust-Busting

The practice of government efforts to break up corporate monopolies and ensure competition in the marketplace.

William Howard Taft

The 27th President of the United States (1909-1913) known for his role also as the 10th Chief Justice of the U.S. Supreme Court, making him the only person to have held both offices.

Progressive President

Refers to U.S. Presidents who have implemented reforms aimed at addressing social injustice, economic inequality, and corruption in government.