Protectionism in international trade saves jobs in the specific industry being protected, but costs jobs in other unprotected industries.
Select whether the statement is true or false.
A. True
B. False
A. True
This statement is true. Protectionism in international trade saves jobs in the specific industry being protected, but costs jobs in other unprotected industries.
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In the case of the perfectly competitive firm:
A) marginal revenue equals the market price.
B) marginal revenue is greater than the market price.
C) marginal revenue is less than the market price.
D) marginal revenue is equal to, less than, or greater than market price depending on the level of output.
GDP does not count:
A. the estimated value of homemaker production. B. state and local government purchases. C. spending for new homes. D. changes in inventories.
A significant increase in the price of a consumer good that has suddenly become much more scarce
What will be an ideal response?
Figure 9.3Figure 9.3 shows the cost structure of a firm in a perfectly competitive market. If the market price is $3 and the firm shuts down in the short run, its profit is:
A. -$300. B. -$600. C. -$900. D. -$1,200.