Objections to free trade
a. arise because trade harms everyone
b. arise when some groups within a nation are harmed by trade
c. arise because importers and exporters are often the same people
d. are inconsistent with economic rationality
e. arise because people prefer not to consume foreign-produced goods
B
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If the Fed raises the federal funds rate, eventually the
A) AD curve shifts rightward and real GDP increases. B) AD curve shifts leftward and real GDP decreases. C) AS curve shifts rightward and real GDP increases. D) AS curve shifts leftward and real GDP decreases. E) AD curve shifts rightward and real GDP decreases.
If the MU of half gallon of milk is $3.50 and the MU of gallon of milk is $3.25, and they both sell for the same price, we would expect consumers to
a. increase their purchases of gallons of milk. b. increase their purchases of half gallons of milk. c. not change their purchasing habits. d. buy only gallons of milk.
The amount of interest owed on a loan of $2,000 after a year at an interest rate of 10 percent is:
A. $200. B. $100. C. $2,200. D. $2,100.
If the price elasticity of demand for chicken is 2, then a 20 percent decrease in the price of chicken will lead to a:
A. 10 percent increase in the quantity demanded of chicken. B. 40 percent increase in the quantity demanded of chicken. C. 10 percent decrease in the quantity demanded of chicken. D. 40 percent decrease in the quantity demanded of chicken.