Advocates of competitiveness as a argument for trade protection
a) apply an adversarial business model to international trade
b) confuse economic growth with comparative advantage
c) favor protection of capital-intensive industries
d) fail to appreciate the role of industrial restructuring
e) all of the above
e) all of the above
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if, for a given policy option, PVNB equals $1,200, and PVC equals $800, then
a. the policy option is not feasible because the value of PVB is $400 b. the ratio, PVB/PVC, equals 1.5 c. the policy option is feasible because (PVB – PVC) is greater than unity d. there is insufficient information to determine if the policy option is feasible
What are property rights?
If you were the chairman of the Fed and had to develop effective countercyclical monetary policy during a recession, you would lower
a. the legal reserve requirement, cut the discount rate, and sell government bonds on the open market b. the legal reserve requirement, raise the discount rate, and sell government bonds on the open market c. the legal reserve requirement, raise the discount rate, and buy government bonds on the open market d. the discount rate, cut the discount rate, and raise the margin requirement e. the reserve requirement, lower the discount rate, and buy government bonds on the open market
When quotas are eliminated, losers include
A. Domestic producers. B. There are no losers when free international trade is established. C. Foreign producers. D. Domestic consumers.