Trade restrictions are often motivated by a desire to save domestic jobs threatened by competition from imports. Which of the following counter-arguments is made by economists who oppose trade restrictions?
A) Trade restrictions have a limited impact because most Americans prefer domestic goods over imports.
B) Consumers pay a high cost for jobs saved through trade restrictions.
C) Trade restrictions benefit consumers in the short run but not in the long run.
D) Statistics show that trade restrictions actually do not save jobs.
B
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A quota
A) makes domestic producers worse off. B) makes domestic consumers worse off. C) makes both domestic producers and consumers better off. D) makes everyone worse off.
Total credits in the balance of payments accounts are equal to the
a. supply of foreign exchange. b. demand for dollars. c. demand for foreign exchange. d. supply of dollars. e. Either a or b
In the United States, the official poverty line is calculated by multiplying:
A. the average expenditure on housing for a family of a given size by 3. B. the cost of food for a family of a given size by 3. C. the average expenditure on housing for a family of a given size by 2. D. the cost of food for a family of a given size by 2.
Which of the following is not an example of an economic policy that affects the level of unemployment?
A. Minimum wage law. B. Efficiency wages. C. At-will employment policies. D. Title IX.