The protectionist view
a. argues that nations should protect their borders from transboundary pollution
b. believes that trade can create unfair competition or lose jobs to other nations
c. supports environmental policy only if it protects domestic jobs
d. ignores environmental issues, focusing only on the effects of trade on competition and employment
b. believes that trade can create unfair competition or lose jobs to other nations
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Which market adjusts the quickest in response to shocks to the economy?
A) The asset market B) The labor market C) The goods market D) The asset, labor, and goods markets adjust at about the same speed to eliminate a disequilibrium in the macroeconomy.
If Y = $500 billion, autonomous consumption = $300 billion, and the marginal propensity to save = 0.20, then saving will equal:
a. ?$200 billion. b. $200 billion. c. ?$100 billion. d. $100 billion. e. $40 billion.
Assume the Environmental Protection Agency imposes an excise tax on polluting firms. In which of the following situations would we expect the additional costs to be borne most heavily by consumers?
A. Demand is highly elastic and supply is highly inelastic. B. Demand and supply are both highly elastic. C. Demand and supply are both highly inelastic. D. Demand is highly inelastic and supply is highly elastic.
Refer to the information provided in Figure 20.5 below to answer the question(s) that follow.
Figure 20.5Refer to Figure 20.5. The domestic price of oil is $130 per barrel, and the world price of oil is $120 per barrel. If the domestic government imposes a tariff of $________ per barrel, it will eliminate all oil imports and achieve tariff revenues of $________.
A. 5; 45 million B. 5; 20 million C. 10; zero D. 10; 120 million