A public good is a good that:
A. is excludable.
B. is rival.
C. is free.
D. is available regardless of willingness to pay.
Answer: D
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Trade restrictions are often motivated by a desire to save domestic jobs threatened by competition from imports. Which of the following counter-arguments is made by economists who oppose trade restrictions?
A) Trade restrictions benefit consumers in the short run but not in the long run. B) Statistics show that trade restrictions actually do not save jobs. C) Consumers pay a high cost for jobs saved through trade restrictions. D) Trade restrictions have a limited impact because most Americans prefer domestic goods over imports.
Adam Smith asserted that a person should never attempt to make at home
a. what it will cost him more to make than to buy. b. any good in which that person does not have an absolute advantage. c. any luxury good. d. any necessity.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point A to Point D. This could be explained by
A. an increase in economic growth. B. a change in society's preferences for motorcycles versus hybrid cars. C. a reduction in unemployment. D. an improvement in technology.
Which of the following can be considered a free-trade zone?
A. the industrialized OECD nations B. countries that are members of GATT C. all English-speaking nations D. the European Union