Rational choices:
a. are based on a comparison of total benefits and total costs
b. can only be made by those who are economists.
c. are made based on expectations of the additional benefits and additional costs involved.
d. measure benefits based on the past.
c
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The elimination of barriers to the international flow of labor tends to:
A. Lower the wage rates for all labor B. Raise the wage rates for all labor C. Increase worldwide production efficiency D. Decrease worldwide production efficiency
Policymakers have the ability to affect:
A. the economic incidence of a tax burden on the buyer and seller. B. the relative economic incidence of the tax burden on the rich and the poor. C. whether the buyer or seller will bear the actual burden of the tax. D. how the tax is shared between buyer and seller.
Which of the following statements best describes the outcomes of protectionism for infant industries?
a. Protectionism for infant industries never imposes costs on domestic users of the product but typically has provided little benefit in the form of stronger, competitive industries. b. Protectionism for infant industries always imposes costs on domestic users of the product and typically has provided little benefit in the form of stronger, competitive industries. c. Protectionism for infant industries never imposes costs on domestic users of the product and typically has provided much benefit in the form of stronger, competitive industries. d. Protectionism for infant industries always imposes costs on domestic users of the product but typically has provided much benefit in the form of stronger, competitive industries.
If residents of the United States give more gifts to relatives abroad than they receive, unilateral transfers will be
A) positive. B) unaffected. C) negative. D) zeroed out.