Which of the following is not a reason to restrict trade?
A. Concerns about dumping.
B. Concern about high prices for consumers.
C. Protection of infant industries.
D. Preservation of national security.
Answer: B
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A welfare loss in a market
a. is the dollar difference between consumer surplus and producer surplus b. is measured as the area above the market price and to the left of the market quantity c. is the dollar value of potential benefits not achieved due to inefficiency in that market d. is typically due to government intervention in that market e. is typically minimized when a government sets a ceiling price
If the cross elasticity between tuna and chicken is –4.3, then we can conclude that these two goods are in the same market
Indicate whether the statement is true or false
Figure 10-9
?
Figure 10-9 describes which of the following periods in the United States?
A. 1930s B. 1973–1975 C. late 1990s D. 2007–2009
An industry with a horizontal long-run supply curve is called a(n) ________ industry.
A. decreasing-profit B. constant-cost C. decreasing-cost D. increasing-cost