Most economists
A. favor tariffs.
B. favor quotas.
C. advocate "fair trade."
D. Economists do not favor any of these.
C. advocate "fair trade."
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An income effect
A. is measured as the change in prices over time. B. is not possible when people are unemployed. C. requires interest rates to remain constant. D. is the change in the quantity demand due to the fact that real income changes when prices change.
Why might developing countries hesitate to accept the conclusion that countries should specialize according to their comparative advantage? What dynamic gains might offset their objections?
What will be an ideal response?
The profit-maximizing monopolist will never operate in a price range over which
A) the demand curve slopes downward. B) demand is inelastic. C) P > MR. D) P > MC.
Which of the following can you determine from a Lorenz curve of U.S. income distribution?
a. the average income of U.S. households. b. the percentage of income going to the lowest 20 percent of households. c. the amount of income going to the lowest 20 percent of households. d. the percentage of income going to wages and salaries.