Author Question: If the world price of steel is greater than the U.S. no-trade domestic equilibrium price of steel, ... (Read 112 times)

maegan_martin · **on:** Jun 30, 2018

If the world price of steel is greater than the U.S. no-trade domestic equilibrium price of steel, the United States:
a. will not produce steel.
b. will demand steel from the rest of the world.
c. will supply steel to the rest of the world.
d. will not trade steel.
e. will have a shortage of steel in the domestic market.

Question 2

Which of the following may involve external benefits?
a. drunken driving.
b. smoking.
c. public education.
d. highway congestion.