Generally speaking, protection from foreign competition benefits:
a. both domestic producers and foreign producers.
b. both domestic consumers and foreign consumers.
c. domestic consumers and foreign consumers.
d. neither domestic producers nor foreign producers.
e. domestic producers at the expense of domestic consumers.
e
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Suppose that for Alicia the marginal benefit (MB) of producing is $75 and that the marginal cost (MC) of producing is $5. Suppose also that her marginal benefit of stealing is $85 and the marginal cost of stealing is $5. Is Alicia currently maximizing utility in terms of producing and stealing? If not, should she produce more and steal less, or produce less and steal more to move toward utility maximization?
A. Yes, Alicia is maximizing utility. B. No, Alicia is not maximizing utility. Since the MB/MC ratio for producing is less than the MB/MC ratio for stealing, Alicia should produce more and steal less. C. No, Alicia is not maximizing utility. Since the MB/MC ratio for producing is greater than the MB/MC ratio for stealing, Alicia should produce more and steal less. D. No, Alicia is not maximizing utility. Since the MB/MC ratio for producing is less than the MB/MC ratio for stealing, Alicia should steal more and produce less.
The Earned Income Tax Credit is an example of a
a. minimum-wage law. b. price ceiling. c. wage subsidy. d. rent subsidy.
A congested side street in your neighborhood is
a. excludable and rival in consumption. b. excludable and not rival in consumption. c. not excludable and rival in consumption. d. not excludable and not rival in consumption.
The long-term bond rate is ________ than the short-term rates, and it fluctuates _________ than the short-term rates.
Fill in the blank(s) with the appropriate word(s).