From a consumer's viewpoint, which of the following policies would be least desirable?
A. Quotas on imported goods.
B. Tariffs on imported goods.
C. No trade.
D. Free trade.
Answer: C
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The concept of opportunity cost in a fully employed economy with technology and resources held constant tells us that
A. expansion of output in one industry means expansion cannot occur in another industry. B. expansion of output in one industry means output in another industry must contract. C. output cannot be increased in any industry. D. output of all industries must contract until more resources are found.
If a country produces only two goods, it is possible to have an absolute advantage in the production of both goods
Indicate whether the statement is true or false
The people firms hire to attempt to convince state legislators and members of Congress to pass laws that are favorable to the economic interests of the firms are called
A) government bureaucrats. B) lobbyists. C) legislative assistants. D) economic advisors.
Government regulations designed to reduce the moral hazard problem include
A) laws that force firms to adhere to standard accounting principles. B) light sentences for those who commit the fraud of hiding and stealing profits. C) state verification subsidies. D) state licensing restrictions.