Which of the following statements about international trade restrictions is true?
a. They ensure that only efficient producers survive.
b. They ensure that countries specialize only in those products that they can produce most efficiently.
c. They harm domestic consumers in the majority of cases.
d. They typically benefit foreign producers at the expense of domestic consumers.
e. They ensure that higher-quality goods are provided at lower prices.
c
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The United States has approximately
A. 100,000 businesses. B. 5.1 million businesses. C. 14 million businesses. D. 30 million businesses.
If the natural rate of unemployment equals 6 percent and the actual rate of unemployment equals 5 percent, then cyclical unemployment equals:
A. 11 percent. B. -1 percent. C. 1 percent. D. -1.2 percent.
Which of the following effects takes place as a result of automatic stabilization?
A) extra tax revenues are generated in a boom B) tax revenues remain constant during a recession C) leakages increase during a recession, helping to stimulate the economy D) Both A and C are correct.
If the cross-price elasticity of demand is -3, then the goods are __________ and the consumers' responsiveness would be characterized as __________
a. substitutes; inelastic b. substitutes; elastic c. substitutes; unit elastic d. complements; inelastic e. complements; elastic