If higher tariffs and more restrictive quotas reduced the imports of the United States,
What will be an ideal response?
U.S. exports would decline because foreigners would be earning fewer of the dollars needed to purchase goods and services from Americans.
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Can economic theory prove national restrictions on international trade will reduce global welfare?
A) No, but it can demonstrate that they will reduce the welfare of the nations that impose the restrictions. B) No, but it can demonstrate that they reduce efficiency. C) No, but it can predict which groups will be made worse off or better off. D) Yes, if welfare is defined as economic welfare.
Total variable costs: a. are costs associated with short-run fixed capital
b. are so named because they vary from firm to firm within an industry. c. increase as production increases. d. decrease as production increases.
In the modern world, many developing countries have agricultural economies where the amount of land and other resources is limited. Under these circumstances, rapid population growth ______.
a. should lead to steady economic growth b. leads to innovation and higher standards of living c. threatens sustained economic growth d. discourages nations from adopting free trade
Refer to the information provided in Figure 9.3 below to answer the question(s) that follow. 
Figure 9.3Refer to Figure 9.3. This firm will ________ if price is between $7 and $13.
A. continue to operate in the short run, but incur an economic loss B. earn an economic profit C. shut down in the short run, but operate in the long run D. shut down