According to public choice theory, tariffs, quotas, and other trade restrictions are primarily the result of the
a. political clout of foreigners.
b. political clout of domestic consumers.
c. political power of special interest groups.
d. political desire for economic efficiency.
C
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Economic growth is enhanced by
A) free international trade. B) limiting international trade so that the domestic economy can prosper. C) discouraging saving, because increased saving means less spending. D) ignoring incentive systems. E) increasing welfare payments to the poor so they can afford to buy goods.
By spreading her investments out over many different assets, an investor achieves
A) a higher expected return. B) increased risk. C) diversification. D) greater liquidity.
Inputs in production processes are called resources
a. True b. False Indicate whether the statement is true or false
Frederic Bastiat formulated
A. the theory of absolute advantage. B. the theory of comparative advantage. C. the petition of the candlemakers to shut out the sun. D. the infant industry argument.