Author Question: To follow an outward-oriented strategy, a country that has scarce natural resources and abundant ... (Read 69 times)

SO00 · **on:** Jun 30, 2018

To follow an outward-oriented strategy, a country that has scarce natural resources and abundant labor supplies should _____.
a. export primary goods and import manufactured products
b. export manufactured goods and impose import restrictions on primary goods
c. export both primary and manufactured products
d. export primary goods and impose trade restrictions on manufactured goods
e. export manufactured products and import primary goods

Question 2

If a tax is increased,
a. consumers will pay a higher price.
b. consumers will lose consumer surplus.
c. producers will receive a lower price after taxes.
d. all of the above are true.