Frederic Bastiat and Adam Smith both presented cogent arguments
A. for protection of infant industries.
B. for protection against trade with countries that had low wages.
C. for protection for industries important to national defense.
D. for free trade.
D. for free trade.
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An activist policy to promote high employment ________
A) could lead to inflationary pressures from an ensuing temporary negative supply shock B) might incentivize workers to push for higher wages beyond what productivity gains can justify C) could lead to inflationary pressures from an ensuing increase in aggregate demand D) all of the above E) none of the above
Refer to Scenario 17.4. If there is no flood insurance and the flood control system is in place, the expected loss from a flood is
A) $5,000. B) $10,000. C) $100,000. D) $200,000. E) $1,000,000.
An economic outcome is said to be efficient if the economy is
a. using all of the scarce resources it has available. b. conserving on resources, rather than using all available resources. c. getting all it can get from the scarce resources it has available. d. able to produce more than what is currently being produced without additional resources.
Steak and chicken are substitutes. A sharp reduction in the supply of steak would
a. increase consumer surplus in the market for steak and decrease producer surplus in the market for chicken. b. increase consumer surplus in the market for steak and increase producer surplus in the market for chicken. c. decrease consumer surplus in the market for steak and increase producer surplus in the market for chicken. d. decrease consumer surplus in the market for steak and decrease producer surplus in the market for chicken.