Reducing protectionism allows greater gains from free trade.
Answer the following statement true (T) or false (F)
True
Less protectionism leads to greater specialization and therefore more output for the entire world.
You might also like to view...
If the marginal cost of production is $10, the elasticity of demand for group 1 is -1.5, the elasticity of demand for group 2 is -2.5, and the price paid by group 1 is $15, the price for group 2 is
A) $8.33. B) $27. C) $15. D) Impossible to tell.
The marginal cost of a vacation in Jamaica is $3,000 . The marginal benefit to Jordan of a vacation in Jamaica is $3,500. a. According to the rule of rational choice, Jordan should choose not to vacation in Jamaica at this time
b. According to the rule of rational choice, Jordan will experience a net gain of $500 if he vacations in Jamaica. c. According to the rule of rational choice, Jordan will experience a net gain of $3,500 if he vacations in Jamaica. d. According to the rule of rational choice, Jordan will experience a net gain of $3,000 if he vacations in Jamaica.
If steel manufacturers expected that the price of steel was going to rise in the next six months, this would
a. have no change in the competitive market for steel b. lead to a decreased demand for steel c. lead to a decreased supply of steel d. increase the future demand for automobiles e. lead to a decrease in the quantity of steel supplied to the market
A positive externality occurs when
a. Jack receives a benefit from John's consumption of a certain good. b. Jack receives personal benefits from his own consumption of a certain good. c. Jack's benefit exceeds John's benefit when they each consume the same good. d. Jack's receives a loss from John's consumption of a certain good.