Tariffs are more likely to be imposed when
A. the number of people who are hurt by protectionist measures exceeds the number of people who gain from protectionist measures.
B. the lobbying efforts of consumer advocacy groups are much stronger than those of the producers.
C. the average gain per proponent far exceeds the average cost per opponent.
D. import-competing producers are unorganized.
Answer: C
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If monopolistically competitive firms in an industry are making an economic profit, then new firms will enter the industry and the product demand facing existing firms will
A. become less elastic. B. decrease. C. increase. D. not be affected.
Why does it make sense for economies to specialize according to comparative advantage and trade?
What will be an ideal response?
Which of the following is NOT an example of a negative externality?
A) inoculation against disease B) pollution C) playing a boom box loudly in a crowded park D) rush hour traffic
If the value of an economy's imports exceeds the value of that economy's exports, then net exports is a negative number
a. True b. False Indicate whether the statement is true or false