Both tariffs and quotas lead to a decrease in imports, a decrease in domestic consumption, and an increase in domestic production
Indicate whether the statement is true or false
TRUE
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Based on Table 4.1, according to the Heckscher-Ohlin Theorem, U.S. exports should be goods that
A) intensively use labor input. B) intensively use capital input. C) use capital and labor in about equal proportions. D) use either labor or capital input, depending on the good. E) Not enough information to tell.
The U.S. government is an asset to the U.S. economy when it
(a) effectively serves its role as the agent that defines and protects private property rights. (b) taxes one group of individuals and redistributes that taxed income to another group. (c) permits special groups to secure legislative protection from foreign competition in the industries which they own, manage or work within. (d) does all of the above.
Deflation
a. reflects falling price levels b. was prevalent during the oil shocks of the 1970s c. under the current trends will cause consumers' purchasing power to shrink d. has been persistent in the U.S. economy since the Great Depression e. is the same as stagflation
In which system are decisions made by thousands of people who have information about resources, production technology and consumer desires?
A. market system B. socialist system C. centrally planned system D. command system