Trade restrictions have been defended on the grounds that they
a. raise prices domestically and thus benefit consumers
b. increase imports
c. lower prices domestically and thus benefit consumers
d. decrease product quality in domestic markets
e. protect domestic infant industries
E
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Should regular saving be an item in your personal budget?
A) No, it is not necessary to save as long as you have the borrowing power to deal with unexpected expenditures. B) Yes, regular saving for both unexpected emergency expenses and big-ticket items like the down payment for a house will increase your financial security. C) Yes, but when you are young, it only makes sense to save for big-ticket items like a car or a European vacation. D) No, you can always start saving in the future when you have a larger income.
In the long run, the equilibrium number of monopolistically competitive firms with trade:
a. is less than the total number of firms worldwide in autarky. b. is the same as the total number of firms worldwide in autarky. c. is greater than the total number of firms worldwide in autarky. d. may be less than, the same as, or greater than the total number of firms worldwide in autarky.
Which of the following is a key economic function of government?
a. protects and enforces property rights and contracts b. issues passports, visas, and foreign travel advisories c. researches the causes and cures of illness and disease d. awards medals and honors for cultural achievement
Which of the following is not a determinant of demand?
a) Income. b) Price of other goods. c) Available technology. d) Expectations of income.