Which of the following statements about economists' assessment of protectionism is true?
A) The costs and benefits of trade barriers are essentially equal.
B) The benefits of trade restrictions exceed their cost.
C) The costs of trade barriers exceed their benefits and generally result in inefficiency.
D) It is not possible to estimate the costs of protection.
Ans: C) The costs of trade barriers exceed their benefits and generally result in inefficiency.
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The market for unskilled labor is illustrated in the figure above. If a minimum wage of $5 per hour is imposed, an employer who breaks the law will be able to find a worker who is willing to work for
A) less than or equal to $4 per hour. B) between $4 and $5 per hour. C) more than or equal to $5 per hour. D) None of the above because workers are not willing to supply labor for wage rates less than $5 per hour.
Unemployment insurance is:
A. money that is paid by the government to people who are unemployed. B. offered by the government as a way to affect the level of seasonal unemployment. C. offered by companies as a way to affect the level of frictional unemployment. D. All of these are true.
________: the change in revenue earned by the business as it employees an additional unit of an input, holding other resource use constant
Fill in the blank(s) with correct word
The distribution of income in one nation can be illustrated by the
A. aggregate demand curve. B. Lorenz curve. C. Phillips curve. D. Laffer curve.