What is mercantilism? What are the draw backs of this doctrine?
What will be an ideal response?
Mercantilism is a doctrine that holds that exports are good for a country, whereas imports are harmful. A country must import vital foodstuffs and critical raw materials that it cannot provide for itself. Mercantilists ignore a simple piece of arithmetic: It is mathematically impossible for every country to sell more than it buys, because one country’s exports must be some other country’s imports.
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Social Security was established in
a. 1902 b. 1919 c. 1935 d. 1946
People consume more fresh fruit in the summer than during the rest of the year, yet the prices of fresh fruit are lower in the summer than in other seasons. What accounts for this?
A) Fresh fruit is not subject to the law of supply. B) The supply of fresh fruit increases in the summer. C) Fresh fruit is an inferior good. D) Fresh fruit is not subject to the law of demand.
The change in aggregate expenditures resulting from a movement in the domestic price level, which in turn changes the price of domestic goods in relation to foreign goods, is known as the:
a. international trade effect. b. multilateral equilibrium condition. c. international exchange rate effect. d. magnified international pricing effect. e. international deficit effect.
The real purchasing power of the average worker's yearly earnings in the United States in 2016 was ________ as in 1960.
A. twice as large B. about the same C. five times as large D. about half as much