In the case of national defense protection, ________ is a better policy than protection
A) a production subsidy combined with free trade
B) an income tax
C) direct government provision of infrastructure
D) None of the above is better
A
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In 1995, the United States threatened to impose 100 percent tariffs on ________ from ________ if it didn't loosen its protectionist policies
A) light trucks; Germany B) brandies; France C) auto parts; Japan D) luxury cars; Japan
Market economies produce outcomes that
a. are virtually ideal in all respects. b. are inferior to most other systems. c. are, in some respects, far from ideal. d. are virtually indistinguishable from command economies.
According to the law of supply,
a. producers are willing to supply larger amounts of a good as its price increases. b. a direct relationship exists between the price of a good and the amount buyers choose to buy. c. an inverse relationship exists between the price of a good and the amount buyers wish to buy. d. an inverse relationship exists between the price of a good and the amount producers supply.
The long boom began in
A. 1991. B. 1947. C. 1975. D. 1982.