A possible outcome of the multilateral approach to free trade is that such an approach can
a. win political support when a unilateral approach cannot.
b. result in more restricted trade than under a unilateral approach, when international negotiations fail.
c. result in drastic reductions in tariffs for many countries.
d. All of the above are correct.
d
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Some economists develop theories concerning policy issues to
A. further their own political agendas. B. understand what happened in an earlier time period. C. describe current economic events. D. make sound recommendations about policy alternatives. E. help elect new government officials.
Refer to Scenario 5.4. What is the variance of the investment?
A) -75 B) 275 C) 3,150 D) 4,637.50 E) 8,125
The funds paid to the government today for Social Security taxes are
A) invested to provide for the future benefits of the taxpayers. B) saved to ensure sufficient resources in the future to pay the benefits of workers today when they reach retirement age. C) used by the government to purchase goods and services that will enhance the future productivity of business in the country. D) used to pay the benefits of those who are currently retired.
Which of the following is a way of controlling the quantity of a particular product?
A. rent control B. price floor C. business licenses D. Either rent control or price floor is correct.