Which of the following is an example of a temporary price differential in a resource market?
a. land downtown is more expensive than land in the suburbs
b. a superstar professional basketball player is paid more than the average professional player
c. cable television installers have a higher wage than telephone installers
d. an airline pilot is paid more than a flight attendant
e. a worker in a toxic waste plant earns more than a teacher
C
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Presumably, since the United States is a large country in many of its international markets, a positive optimum tariff exists for this country
It follows therefore that when any legislator or government official who promotes zero-tariff free trade policies, is by definition not acting in the public's best interest. Discuss.
Within the Keynesian cross, the adjustment towards equilibrium occurs through:
A) inflation. B) inventories. C) interest rates. D) none of the above.
There is a strong consensus among economists in favor of free trade. Governments appreciate the reasons for free trade as well but they may sometimes restrict trade because
a. their absolute advantage is greater than their comparative advantage b. their comparative advantage is greater than their absolute advantage c. the trade generates negative gains d. they may want to protect infant industries e. they prefer dumping to trade
The benefits of any investment project take the form of future profits.
Answer the following statement true (T) or false (F)