Suppose the U. S. imports wool from low-cost producer New Zealand. If the U. S. signed a regional trade agreement with Britain (assume Britain produces wool at a higher cost than New Zealand) that lowers tariffs on British wool, it is possible that the U. S. might switch to importing wool from Britain. Such an outcome illustrates the potential for regional trade agreements to A. bring about "Trade Creation" which is beneficial to the world economy. B. bring about "Trade Diversion" which is harmful to the world economy. C. bring about no differences in "Trade Creation" and "Trade Diversion". D. bring about "Trade Diversion" and "Trade Creation" at the same time, and hence not really matter in this case.

Which of the following is an example of an unsought good? a. cameron purchases a new bike. b. jordan buys paper towels. c. taylor buys cupcakes from her favorite bakery. d. riley buys new windshield wipers for her car.

Why is efficiency an important economic goal?

1. alwaysrain irrigation, inc. would like to determine capacity requirements for the next four years. currently, two production lines are in place for making bronze and plastic sprinklers. three types of sprinklers are available in both bronze and plastic: 90-degree nozzle sprinklers, 180-degree nozzle sprinklers, and 360-degree nozzle sprinklers. management has forecast demand for the next four years as follows: both production lines can produce all the different types of nozzles. the bronze machines needed for the bronze sprinklers require two operators and can produce up to 12,000 sprinklers. the plastic injection molding machine needed for the plastic sprinklers requires four operators and can produce up to 200,000 sprinklers. three bronze machines and only one injection molding machine are available. what are the capacity requirements for the next four years? (assume that there is no learning.)