Which of the following is not an argument against free trade?
A. Diversification and defense
B. Comparative advantage
C. Dumping by monopolistically inclined exporters
D. Infant industries
B. Comparative advantage
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The above figure shows the market for crude oil. If a consumer group convinces the government to set a maximum price of $2 per barrel, then
A) 300 barrels of crude oil will be sold at $2. B) zero barrels of crude oil will be sold. C) zero barrels of crude oil will be demanded. D) None of the above.
John is a well-known consultant who makes $150 an hour and has all the work he can handle. He has a big job in Washington D.C., ten hours away. He can drive at a cost of $80 round trip or take a one-hour flight for $300 . Which is he likely to do? Are there circumstances that may lead him to choose otherwise?
Refer to the graph shown. A movement from A to B is most likely to be caused by:
A. an increase in aggregate demand. B. a decrease in aggregate demand. C. an increase in input prices. D. a decrease in input prices.
In the context of the global economy, the United States' capacity utilization rate __________________ than it was just a few decades ago.
A. is much more important B. is much less important C. has the same importance