The motive for the erecting trade barriers to import goods and services from abroad is to
A. improve economic efficiency in that nation.
B. protect and benefit special interest groups in that nation.
C. reduce the prices of the goods and services produced in that nation.
D. expand the export of goods and services to foreign nations.
B. protect and benefit special interest groups in that nation.
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In the diagrams below, the subscript "1" refers to the initial position of the curve, while the subscript "2" refers to the final position after the curve shifts.
Which diagram above illustrates the effect on the natural-gas market, with the widespread use of "fracking" or hydraulic fracturing by gas-drilling companies?
A. (1) B. (2) C. (3) D. (4)
Suppose consumer preference for beef starts to rise while the cost of raising beef continues to rise. In the market for beef, this would be represented by the equilibrium price ________ and the equilibrium quantity ________
A) increasing; increasing or decreasing B) increasing or decreasing; increasing C) decreasing; increasing or decreasing D) increasing or decreasing; decreasing
Adding value means
A) to make products that have positive prices. B) that the value of a firms output is greater than the value of the output that was not produced by the inputs the firm employs. C) that the firm has a positive economic profit. D) that economic profit is zero.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point A to Point E, the opportunity cost of motorcycles, measured in terms of hybrid cars
A. remains constant. B. decreases. C. initially increases, then decreases. D. increases.