Trade protectionism (barriers) for a product will result in:
Lower prices for imports of that product
Higher prices for imports of that product
Higher prices for domestic producers of that product
Lower prices for foreign producers of that product
Higher prices for imports of that product
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
According to your authors, a necessary condition for the evolution of a successful commercial society includes
A) stable interest rates. B) reasonably secure property rights. C) a superabundance of natural resources. D) zero economic losses.
If the Federal Reserve wants to lower the federal funds rate, it should
A) increase reserve requirements. B) announce a lower rate. C) request a lower rate. D) purchase government securities.
When two people are on the contract curve, the allocation of goods
A) cannot be improved. B) is pareto efficient. C) is such that neither individual can be made better off without making the other worse off. D) All of the above.