Frederic Bastiat's satire clearly illustrates that:
A. French candle makers would benefit from government restrictions on trade
B. French consumers would benefit from a tariff on U.S. candles
C. The arguments in favor of trade protectionism can sometimes be ridiculous
D. The arguments in favor of protectionism are sometimes well-founded
C. The arguments in favor of trade protectionism can sometimes be ridiculous
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The distinction between a "secured" lender and an "unsecured" lender is that in the event of the bankruptcy of the borrower
A) the unsecured lender has first claim on collateral. B) the secured lender has first claim on collateral. C) the secured lender has a first claim on all of the assets of the bankrupt borrower. D) the unsecured lender has a first claim on all of the assets of the bankrupt borrower.
Most economists agree that the target rate of inflation for the central banks should be:
A. between 7 and 9 percent. B. above zero for fears of deflation. C. something over 3 but less than 6 percent. D. less than zero.
If a policymaker wants to raise revenue by taxing goods while minimizing the deadweight losses, he should look for goods with ________ elasticities of demand and ________ elasticities of supply.
a. small, small b. small, large c. large, large d. large, small
Unimpeded immigration between two nations tends to:
A. increase business income in both nations. B. increase business income in the nation receiving immigrants but reduce it in the nation experiencing emigration. C. reduce business income in the nation receiving immigrants but increase it in the nation experiencing emigration. D. reduce business income in both nations.