A preference for policies that place limits on trade is called:
A. liberalization.
B. free trade.
C. protectionism.
D. autarky.
C. protectionism.
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The following table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.CPUGHzTotal BenefitMarginal BenefitTotal CostsMarginal Costs2.0$1,000 $900 2.5$1,400 &1003.0 $300$1,200 3.5$1,900 &1,500 4.0$2,000 &400The total cost of a 2.5GHz computer is:
A. $200. B. $900. C. $1,000. D. $100.
Economists first began studying the relationship between changes in aggregate expenditures and changes in GDP
A) at the end of the Civil War. B) during the Great Depression. C) during the Industrial Revolution. D) in the 1950s.
In an efficient market with rational expectations, the actual price of an asset
A) will equal its expected price. B) will often be below its expected price. C) will often be above its expected price. D) equals its expected price plus a random error term.
A professional basketball players' union negotiates a contract that dramatically increases all players' salaries. How would this influence the opportunity cost for a player who was considering giving up basketball to pursue a career in broadcasting?
a. It would not affect the opportunity cost of playing basketball or of broadcasting. b. It would increase the opportunity cost of continuing to play professional basketball. c. It would cause the production possibilities frontier to become convex. d. It would increase the opportunity cost of becoming a broadcaster. e. It should have no bearing on the player's decision from an economic standpoint.