Frederic Bastiat's satirical argument against protectionism called for protecting domestic producers from:
A. fire.
B. the sun.
C. other European countries.
D. invention of the electric light.
B. the sun.
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Refer to Scenario 12.2. Suppose that the marginal cost falls such that:
MC = Q - 10 What is the profit maximizing level of output? A) 171.43 B) 120 C) 150 D) all of the above E) none of the above
Labor, human capital, and entrepreneurship are resources related to human beings. Distinguish among the three resources
What will be an ideal response?
In an economy where planned aggregate spending is given by PAE = 5,500 + 0.6Y ? 20,000r, the interest rate is currently 5 percent (0.05). If potential output equals 11,750, the central bank must ________ the interest rate to close the ________ gap.
A. raise; expansionary B. reduce; expansionary C. reduce; recessionary D. raise; recessionary
In a market economy, those who are willing and able to buy what is produced
A) receive what the government allows them to receive. B) receive the most of what is produced. C) receive no more than everyone else in the market. D) solely determine what is produced.