When the Nation of Venezia Allows Trade and as a Result

question 8

Multiple Choice

When the nation of Venezia allows trade and as a result becomes an exporter of shoes,

• A) residents who produce shoes become worse off; residents who buy shoes become better off; and the economic well-being of Venezia rises.
• B) residents who produce shoes become worse off; residents who buy shoes become better off; and the economic well-being of Venezia falls.
• C) residents who produce shoes become better off; residents who buy shoes become worse off; and the economic well-being of Venezia rises.
• D) residents who produce shoes become better off; residents who buy shoes become worse off; and the economic well-being of Venezia falls.

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Definitions:

Technological Change

The rate and direction of innovations and improvements in technology that affect productivity and economic growth.

Cluster

A group of similar things or people positioned or occurring closely together.

Musicians

Individuals skilled in playing musical instruments, singing, or composing music.

New York

New York is a state in the Northeastern United States, known for its significant cultural, financial, and media influence globally, with New York City as its largest city.