Which of the following is an argument in favor of interventionist trade policies?
(a) Cheaper capital goods.
(b) Declining terms of trade.
(c) Decreased losses from rent-seeking activities.
(d) All of the above.
(e) None of the above.
B
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Which of the following is true of the long-run aggregate supply curve? a. It is vertical
b. The level of RGDP supplied does not change as the price level changes. c. The level of RGDP supplied changes with the levels of capital, land, labor, and technology available to the economy. d. all of the above
Patents allow manufacturers to block the entry of new firms into an industry through
a. infringement suits b. economies of scale c. limit pricing d. price discrimination e. a government franchise
What effect will expansionary fiscal policy have on the economy, according to new classical economists?
Which of the following changes in the price index produces the greatest rate of inflation: 100 to 110, 150 to 165, or 180 to 198?
a. 100 to 110 b. 150 to 165 c. 180 to 198 d. All of these changes produce the same rate of inflation.