The neoclassical counter-revolution school supports
a. trade restrictions.
b. state-owned enterprises.
c. eliminating government regulations.
d. limitations on foreign investors.
C
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An increase in the price a firm receives for its output will lead the firm to:
A. leave output unchanged and earn greater profits. B. reduce output. C. expand output. D. leave output unchanged and earn smaller losses.
Adam Smith's pin factory and Henry Ford's automobile assembly line are examples of
a. Product lines b. Functionally organized firms c. Inefficient processes d. In-line production
If the tariffs on textiles, apparel items, and footwear mentioned in the Application were replaced by equivalent voluntary export restraints (VERs), low-income consumers would probably
A) be worse off. B) be better off. C) be no better nor worse off. D) not be subject to the VERs.
Which of the following statements is CORRECT?
A) When workers become more productive, the demand for labor curve shifts rightward. B) When technology decreases, the supply of labor curve shifts leftward. C) When labor force participation increases, the supply of labor curve shifts leftward. D) When human capital increases, the demand for labor curve shifts leftward.