The two main reasons why international trade is restricted is because restricting trade means that governments can ________ and because domestic businesses ________
A) create jobs; earn profits
B) obtain revenue; rent seek
C) rent seek; want to dump
D) prevent dumping; want to dump
E) rent seek; obtain revenue
B
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
If the Fed sells Treasury bills then
A. the price of Treasury bills will fall. B. the market rate of interest on Treasury bills will rise. C. both the price of Treasury bills will fall and the market rate of interest on Treasury bills will rise. D. neither the price nor the market rate of interest of Treasury bills will be affected.
Which of the following pairs of variables is likely to be positively correlated?
A) Income and consumption B) Education and unemployment C) Price and consumption D) Availability of health care and death rate
The real-nominal principle states that:
A. people respond more to explicit, or real, costs than to implicit costs. B. people respond more to implicit costs than to explicit costs. C. what matters to people is the face value of money or income. D. what matters to people is the purchasing power of money or income.