A flawed argument for protection from foreign trade is that
i. tariffs save domestic jobs.
ii. tariffs protect the national culture.
iii. quotas bring about diversity and stability.
A) i only
B) ii only
C) iii only
D) i and ii
E) i, ii, and iii
E
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A monopoly will arise if
A) two out of three of a town's pizzerias go out of business and only one new pizzeria opens. B) the town council passes a law granting Nick's Pizza the exclusive right to operate in that town. C) Papa Joe's Pizza becomes the largest pizza producer in town and Nick's Pizza stays small in size. D) several big pizza chains force several small pizzerias out of business. E) people decide they like pizza more than before so some pizzerias gain new customers.
The four parts of the business cycle occur in the following order
A) recession, trough, peak, expansion. B) expansion, trough, peak, recession. C) recession, trough, expansion, peak. D) expansion, trough, recession, peak.
Which of the following is assumed when constructing a production possibilities curve?
A. the efficient use of resources B. a fixed amount of resources C. resources of a given quality D. All of these are correct.
The most liquid measure of money supply is
A) M0. B) M1. C) M2. D) M3.