Protectionism
A) is the use of cheap labor to protect firms from paying high wages.
B) is the use of trade barriers to protect domestic firms from foreign competition.
C) refers to reductions in tariffs and other barriers that protect consumers from paying high prices.
D) refers to the use of copyright and trademark laws to protect inventors and artists from losing the rights to their creative efforts.
Answer: B
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A technological advance ________ aggregate supply, shifting the aggregate supply curve ________ and potentially bringing the ________ phase of the business cycle
A) decreases; rightward; expansion B) decreases; leftward recession C) increases; rightward; expansion D) increases; rightward; recession E) increases; leftward; expansion
Which organization has the goal of helping to provide capital and investment assistance to less-developed nations?
a. The World Trade Organization b. The International Development Fund c. The European Union d. The International Monetary Fund e. NATO
Compare and contrast the institutions of a capitalist economy with those of a communist economy.
What will be an ideal response?
Assuming that bus travel is an inferior good, an increase in consumer income, other things being equal, will cause a(n):
A. upward movement along the demand curve for bus travel. B. downward movement along the demand curve for bus travel. C. rightward shift in the demand curve for bus travel. D. leftward shift in the demand curve for bus travel.