"Supporters of import restrictions and protectionist policies place greater weight on producer welfare than on consumer welfare." Comment
What will be an ideal response?
Import restrictions increase the producer surplus of domestic producers. Consumer surplus, however, decreases by more than producers gain. Thus the statement seems to be correct.
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Your electrician accepts payment only in cash in order to avoid taxes. If you pay him $100, ________
A) the GDP of your country will increase B) the GDP of your country will remain unchanged C) the trade surplus of your country will increase D) the GDP of your country will fall
During the Great Depression, the U.S. was not firmly tied to the world economy
Indicate whether the statement is true or false
Limit pricing is also referred to as
A) competitive pricing B) fair pricing C) predatory pricing D) all of these choices.
Behavioral economists accept that people ________ their well-being but sometimes ________.
A. try to minimize; maximize it B. try to maximize; make mistakes C. try to maximize; maximize their bad choices D. try to maximize; purposefully engage in less than optimal behavior.