In the U.S., which of the following government programs assist workers find jobs when they lose their jobs due to trade?
A. Trade Adjustment Assistance program
B. Social Security
C. workers' compensation
D. Obamacare
Answer: A
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The opportunity cost of an action is: a. the value of the best foregone alternative
b. the difference between the benefits that result and the expenses incurred as a result of the action. c. the same as the expected benefit of the action. d. the same for everyone who undertakes the action.
Total surplus measures the
a. loss to buyers from paying higher prices plus the benefit to sellers from receiving lower prices. b. buyers' willingness to pay less the sellers' costs. c. fairness of the distribution of resources in society. d. value to the government of goods and services sold in society.
A price increase will cause an increase in total revenue when:
A. the price effect outweighs the quantity effect. B. demand is perfectly elastic. C. demand is unit elastic. D. the quantity effect outweighs the price effect.
Average tariff rates are highest for
A) high-income countries. B) middle-income countries. C) low-income countries. D) industrialized countries.