Winners and losers from free trade Consider the market for meekers in the imaginary economy of Meekertown. In the absence of international trade, the domestic price of meekers is $33. Suppose that the world price of meekers is $25. Assume that Meekertown is too small to influence the world price of meekers once it enters the international market. a. trueb. false

It is true that under those circumstances there are winners and losers from trade, or in this case, more specifically from the lack of trade, because the economy of Meekertown does not engage in international trade, and as a result, the consumers have to pay $33 for meekers, instead of paying a price closer to the world average of $35. The consumers are the losers, while the domestic producers are the winners.

If Meekertown opened up to international trade, consumers would be able to buy cheaper meekers produced aborad, which means that they would be the winners while domestic producers would be the losers.

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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