Trade restrictions designed to benefit the import-competing industries will benefit the entire country.
Answer the following statement true (T) or false (F)
False
Trade restrictions will hurt domestic consumers who will end up paying higher prices.
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The law of increasing costs states that
A. opportunity costs decrease as more of one good is produced. B. increasing resource prices are inevitable because of scarcity. C. opportunity costs increase as more of one good is produced. D. resources can be easily adapted to the production of any good
If economic profits are negative
A) accounting profits can be positive. B) accounting profits can be negative. C) the cost of capital is not being covered. D) all of these choices.
A decrease in demand shifts the demand curve to the left
a. True b. False Indicate whether the statement is true or false
If an 18-year-old male is taking college classes full-time and does not have a job and is not looking for one, he is considered unemployed.
Answer the following statement true (T) or false (F)