Some argue that U.S. workers cannot compete with cheap labor from many developing nations. This
A) is true and is a justification for tariffs to protect domestic jobs.
B) is true and it is has been found that tariffs in these cases can save thousands of jobs and benefit the economy.
C) is true but the benefits of free trade are still such that tariffs should not be placed on these industries.
D) is not true, as evidenced by the fact that the United States carries on a lot of trade with countries that have lower wages.
D
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A decrease in spending on new homes will, other things equal
A) increase aggregate demand. B) increase aggregate supply. C) decrease aggregate demand. D) decrease aggregate supply.
The ________ the portion of your income spent on a good, the ________ is your demand for the good
A) larger; more income elastic B) larger; more price elastic C) smaller; less price elastic D) smaller; more income elastic
Limits to self-interested payoff maximization that have been studied by behavioral economists include
a. limited cognitive ability. b. limited willpower. c. limits to self interest. d. all of the above.
Which of the following incurs a primarily nonpecuniary cost?
a. a factory blocking out the sound of birds b. a truck smashing through a fence c. a new building site that requires purchasing someone’s land d. a chemical spill that destroys a driveway