Refer to the above table. In a choice between education and public safety:
What will be an ideal response?
a majority of voters would favor public safety.
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If a tax is placed on suppliers of a good, then the incidence of the tax
A) falls more on the sellers if demand is elastic. B) falls more on the sellers if demand is inelastic. C) is usually split equally between the buyers and the sellers. D) usually falls more on the sellers than the buyers. E) usually falls more on the buyers than the sellers.
Nascent industries require adequate protection from foreign competition because:
a. they experience economies of scale. b. they experience diseconomies of scale. c. the quality of the products of such industries are comparatively inferior than the products of their foreign competitors. d. they do not have adequate resources to undertake research and development. e. their initial costs of production are considerably higher than the foreign firms.
A market that consists of only a few large firms is probably a(n):
A. perfectly competitive market. B. monopolistically competitive market. C. oligopoly. D. monopoly.
Protectionism is usually justified on the basis of one of four arguments. What are those four arguments?
What will be an ideal response?