Which of the following is a valid counterargument to a call for higher tariffs "to save U.S. jobs"?
A. The need to protect U.S. workers from the dumping of foreign products
B. Strategic trade policy calls for equal treatment of all trading nations so that they will have the same competitive conditions
C. U.S. firms and workers must be protected from the ruinous competition of nations where wages for workers are low
D. Imports may eliminate some U.S. jobs, but they create others, so they may have little or no effect on employment
D. Imports may eliminate some U.S. jobs, but they create others, so they may have little or no effect on employment
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If the economy has an MPC of 0.8, by how much will a $50 billion increase in government purchases increase GDP? By how much will a $50 billion increase in taxes decrease GDP?
What will be an ideal response?
Refer to Figure 18.4. With an import ban, what is the equilibrium quantity of gloves in Duckland?
A) 100 B) 80 C) 60 D) 40
When economists assume that people are rational, they are assuming that people generally agree what is good for human beings.
Answer the following statement true (T) or false (F)
The extra benefit associated with producing or consuming the next unit is called the:
A. revenue product. B. spillover. C. marginal benefit. D. economic benefit.