When the Exchange Rises, Then the

question 304

Multiple Choice

When the exchange rises, then the

• A) LAS curve shifts rightward.
• B) AD curve shifts leftward.
• C) LAS curve shifts leftward.
• D) AD curve shifts rightward.

Analyze the effects of tariffs and quotas on domestic producers, consumers, and government revenue.

Recognize the relationship between comparative advantage and trade outcomes.

Identify the conditions under which trade can increase or decrease consumer and producer surplus.

Understand the role and impact of international trade organizations and agreements.

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Definitions:

Collective Bargaining

The process whereby labor unions and employers negotiate wages, hours, and working conditions on behalf of the employees.

Strikes

Work stoppages initiated by employees as a form of protest, typically to demand better working conditions, wages, or benefits from their employer.

Lockouts

A situation in labor relations where an employer prevents employees from entering the workplace, usually during a dispute.

Closed Shop

A place of employment where hiring is restricted to individuals who are members of a particular labor union.