How do high tariffs and other restraints on international trade affect a nation's prosperity?
a. They increase employment and thereby promote the growth of real GDP.
b. They prevent the nation from fully realizing the potential gains from specialization, exchange, and competition.
c. They protect domestic producers and thereby promote economic growth.
d. Both a and c are correct.
B
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What are some of the components of marginal cost and marginal benefit that the producer of a movie faces?
What will be an ideal response?
According to Say's law
A) supply creates its own demand. B) demand creates supply. C) changes in supply create supply-side inflation. D) changes in demand create demand-side inflation.
Who pays a corporate income tax?
a. owners of the corporation b. customers of the corporation c. workers of the corporation d. All of the above are correct.
For an upward-sloping labor supply curve, the quantity of labor supplied varies directly, ceteris paribus, with
A. The derived demand for labor. B. Payroll taxes. C. The wage rate. D. The value of leisure time.