A program of protection that results in preserving jobs in certain industries
A. maintains full employment at lower cost than any other program or policy.
B. lowers average pay in the protected industries.
C. improves living standards for the average person in that country.
D. often does so at a cost that is much higher than the average income of persons in those industries.
Answer: D
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When the price of broccoli increase relative to cauliflower, people who buy fresh vegetables respond by buying more cauliflower and fewer broccoli. As a result, the CPI has
A) a quality change bias. B) a new price bias. C) a commodity substitution bias. D) an outlet substitution bias. E) a new goods bias.
If aggregate supply rises sharply so that a recession occurs, then the prescription is for expansionary fiscal policy
Select whether the statement is true or false. A. True B. False
Financial markets do not function as well as they could due to:
A. the cost of obtaining information which can be high. B. fluctuations in the inflation rate. C. regulation by governments. D. the fact that banking is highly monopolized.
Suppose that, when producing 10 units of output, a firm's AVC is $22, its AFC is $5, and its MC is $30. This firm's
A. ATC is $35.
B. ATC is $57.
C. total cost is $270.
D. total cost is $30.