Tariffs are NOT defended on the grounds that they
A) improve the terms of trade of foreign nations.
B) protect jobs and reduce unemployment.
C) promote growth and development of young industries.
D) prevent over-dependence of a country on only a few industries.
E) protect domestic producers from foreign low prices.
A
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Consistent with the mercantilist theory, the colonies had
(a) a trade deficit with England. (b) a trade surplus with England. (c) a balance of trade with England. (d) about an equal number of annual trade deficits and surpluses over the years.
According to Keynes, contractionary monetary policy
A. impacts the economy by an amount larger than the change in investment. B. will have no impact on the equilibrium real GDP. C. impacts the economy by an amount smaller than the change in investment. D. will have no impact on the equilibrium nominal GDP.
Say the market for cereal is initially in equilibrium when all the major newspaper published the findings from study that say that eating 2 cups of cereal each day significantly reduces the risk for a heart attack. Other things equal, the publication of these findings will:
A. decrease the market price of cereal. B. decrease the market quantity of cereal. C. increase the supply of cereal. D. increase the quantity supplied of cereal.
If an agricultural market is perfectly competitive, then
A. Each firm's demand curve is perfectly inelastic. B. A farmer practices price discrimination. C. The market demand curve is perfectly elastic. D. A farmer is a price taker.