Obstacles that restrict trade, either domestic or international, will
a. reduce output, income, and the general living standard of the populace.
b. help people achieve higher income levels.
c. help promote high rates of economic growth.
d. encourage domestic business firms to expand output so they can achieve larger gains from the adoption of mass production techniques.
A
You might also like to view...
Suppose that the labor market for life guards is initially in equilibrium. Then the marginal productivity of life guards increases. What happens to the equilibrium wage and quantity of life guards?
a. Both the equilibrium wage and quantity increase. b. Both the equilibrium wage and quantity decrease. c. The equilibrium wage increases, and the equilibrium quantity decreases. d. The equilibrium wage decreases, and the equilibrium quantity increases.
The demand-for-money curve illustrates the __________ relationship between the quantity demanded of money and __________
A) inverse; the interest rate B) direct; GDP. C) direct; the interest rate D) inverse; GDP
Suppose that both the demand for and supply of agricultural products increases. If the increase in the supply of agricultural products is greater than the increase in demand, prices of agricultural products
A) increase. B) decrease. C) remain the same. D) may increase, decrease, or remain the same.
After enjoying a perfectly delicious meal, Duane treats himself and orders a very expensive dessert. After one bite, Duane realizes he does not care for it at all. He chokes it down while thinking about the money he just wasted on it. Duane's decision to eat the entire dessert is an example of:
A. a cognitive bias, because he is focused on the money spent on the dessert. B. emphasizing a sunk cost instead of weighing marginal costs and benefits. C. irrational behavior. D. Duane's behavior exemplifies all of these.