Ideally, a free trade policy should be accompanied by
A. a public education program to make the benefits known.
B. open borders and amnesty for all undocumented workers.
C. programs to ensure no one loses a job as a result of foreign competition.
D. programs to assist workers who lose their jobs to foreign competition.
Answer: D
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Moving from one point to another on a production possibilities frontier implies
A) increasing the production of both goods. B) changing the amount of factors of production that are employed. C) decreasing the production of both goods. D) increasing the production of one good and decreasing the production of another. E) holding the production levels of both goods constant.
India's rapid growth can be explained by
A) reduced regulations and market-based reforms. B) an increase in labor force participation. C) investment in human capital from 1947 through 2015. D) the movement of workers from the agricultural sector to the manufacturing sector.
With positive externalities, _____
a. the market equilibrium occurs at a greater quantity than the socially optimal output b. net social welfare is maximized c. the social benefit curve lies above the private benefit curve d. there is no deadweight loss
The long-run impact of unanticipated expansionary policy is ______.
a. underproduction b. overproduction c. deflation d. inflation