Most economists agree that valid reasons for protecting trade include which of the following? I. The economies of scale argument II. The saving jobs argument III. The protection of high wages argument
A) I only
B) I and II
C) I and III
D) None of the reasons are valid.
D
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It was once common for people to have servants who helped with the cooking and cleaning. Use the cost disease of the personal services dilemma to explain why these services have declined, even though one would expect an increased use in this age of the two-worker household.
What will be an ideal response?
When government mandates participation in a program to solve an information asymmetry problem, it is trying to prevent:
A. moral hazard. B. adverse selection. C. building a reputation. D. illegal screening.
Which of the following is not a part of U.S. GDP?
A. The value of a BMW imported from Germany B. The commissions earned by a BMW dealership in the United States C. The value of a BMW produced in the United States D. The payments for an insurance policy on an old BMW sold by a U.S. company
Refer to the accompanying figure. For Jeff, the consumption of movies reflects the law of:
A. total utility maximization. B. marginal utility maximization. C. demand. D. diminishing marginal utility.