Which of the following are reasons economists consider valid for trade protection?
I. Protection penalizes countries that have weak environmental standards.
II. Protection limits dumping of low-wage jobs into the domestic economy.
III. Protection prevents low-wage jobs in foreign countries from lowering wages in the United States.
A) I and II
B) II and III
C) I, II, and III
D) none of the above
D
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Refer to the figure above. What is the consumer surplus before Barylia opens up to free trade?
A) $250 B) $300 C) $350 D) $400
Suppose there is a market that has market demand characterized as X = 30 - P/3. Suppose further that market supply can be written as X = P/2 - 2.
(A) Find the equilibrium price and quantity in this market. (B) If a unit tax of $16 is imposed on good X, what are the equilibrium price, quantity, and tax revenue in the market? (C) Suppose an ad valorem tax of 30 percent is imposed on good X. The after-tax demand equation would be X = 30 - P/2. Now find the equilibrium price, quantity, and tax revenue in the market. (D) What can be said about the amount of tax revenue generated under each taxing scheme, and why?
Almost all variation in living standards is attributable to differences in countries'
a. population growth rates. b. productivity. c. systems of public education. d. taxes.
The demand for money rises. According to the Keynesian transmission mechanism, the interest rate __________, investment spending __________ (assuming it is interest-sensitive), the AD curve shifts to the __________ and if the AS curve is horizontal, Real GDP __________
A) rises; falls; left; rises B) falls; rises; right; does not change C) rises; falls; right; rises D) falls; falls; left; does not change E) rises; falls; left; falls