Other things equal, economists would prefer:
A. free trade to tariffs and tariffs to import quotas.
B. free trade to import quotas and import quotas to tariffs.
C. import quotas to tariffs and tariffs to voluntary export restrictions.
D. import quotas to free trade and free trade to tariffs.
A. free trade to tariffs and tariffs to import quotas.
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The gains from trade are
a. evident in economic models, but seldom observed in the real world. b. evident in the real world, but impossible to capture in economic models. c. a result of more efficient resource allocation than would be observed in the absence of trade. d. based on the principle of absolute advantage.
According to Professor Baotai Wang who examined the crowding out phenomenon in Canada between 1961-2000, as discussed in the Case in Point, which of the following categories of government expenditures are most likely to lead to crowding out?
A) expenditures for health and education B) expenditures for infrastructure and capital C) expenditures for the protection of persons and property, including defense spending D) expenditures for government and social services
How is an indifference map like a topographic map?
Please provide the best answer for the statement.
If significant barriers to entry exist in a market, then the market is best described through the model of perfect competition
a. True b. False Indicate whether the statement is true or false