The argument that import restrictions save jobs and promote prosperity fails to recognize that
A) import restrictions cannot create jobs in any industry.
B) import restrictions cannot create jobs in any industry.
C) there are no secondary effects of import restrictions.
D) import restrictions will lower prices in the protected industries.
A) import restrictions cannot create jobs in any industry.
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As an economy grows,
A) its PPF does not shift; instead, the production point moves from inside the PPF to be closer to the PPF. B) the opportunity cost of production will approach 0. C) it can eliminate scarcity. D) its PPF shifts outward. E) the opportunity cost of production will increase.
An increase in the quantity demanded of a good is most often due to:
a. current prices. b. higher prices. c. higher income. d. lower prices. e. technological change.
Which of the following is a factor of production for the Little Biscuit Bread Company?
A. Flour. B. Productivity. C. Bread. D. Money.
Monopolistically competitive firms have ________ market power due to producing differentiated products.
A. complete B. unlimited C. no D. some