When economists say that nations trade with other nations, they mean that ______.
a. the national governments establish markets for trade
b. people of a nation trade with people of other nations
c. all international trade passes through the government
d. government-owned industries trade with each other
b. people of a nation trade with people of other nations
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Each month the CPI is calculated by
A) recording the new prices and making no other calculation. B) multiplying the current cost of the CPI market basket by the base period cost and then dividing by 100. C) subtracting the base period cost of the CPI market basket from the current cost and then dividing by 100. D) dividing the current cost of the CPI market basket by the base period cost and then multiplying by 100. E) subtracting the current period cost of the CPI market basket from the base period cost and then multiplying by 100.
In the market for their services, workers face a trade-off between ________
A) higher and lower wage jobs B) equilibrium and non-equilibrium solutions C) labor and leisure D) diminishing and increasing marginal productivity
An effective import quota is one that increases the amount of tariff revenues received
a. True b. False
Which of the following asserts that temporary protection from international competition is needed for a nascent industry that initially has high costs?
A. The developing government argument B. The dying industry argument C. The optimal tariff argument D. The infant industry argument