Discuss the national security argument as a case against free trade. What is the problem with this argument?
What will be an ideal response?
Certain industries argue that their business is vital to national security interest and ought to be protected. The trouble is that many industries make this claim and it is difficult to sort out the genuine claims from the bogus ones.
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Which of the following is NOT a feature of a monopolistically competitive market?
A) numerous buyers and sellers B) differentiated products C) advertising D) a homogeneous product
A production function measures how an individual maximizes utility
a. a firm transforms output into input. b. a firm transforms inputs into output. c. d. a firm minimizes cost.
If the elasticity of demand is much greater than the elasticity of supply, a subsidy awarded to demanders will
a. benefit the demanders more than the suppliers b. benefit the suppliers more than the demanders c. the benefit of the subsidy will be equally shared between the demanders and the suppliers d. allow the demanders to be the only ones who will benefit e. Without more information as to the amount of the subsidy, who will benefit more can not be determined
A large number of underemployed workers indicates that there is a problem in the economy because underemployment means that
A. seasonal employees work only part of the year. B. many people have stopped looking for work. C. some workers are taking time off between jobs. D. there are not enough jobs for qualified people.