A Country Is Likely to Import a Good If Its

question 70

True/False

A country is likely to import a good if its domestic price is high, relative to the world price.

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Definitions:

Marginal Utility

The additional utility or enjoyment derived from the consumption of one more unit of a product or service.

Optimal Consumption

The mix of goods and services that maximizes the utility or satisfaction of a consumer given their budget constraint.

Utility

A measure of the satisfaction, usefulness, or pleasure that individuals get from consuming goods and services.

Economics Books

Published works that study the production, distribution, and consumption of goods and services.