Protectionism arises because
a. people misunderstand the benefits of free trade
b. trade generally harms some groups in society
c. the costs of free trade outweigh the benefits for all groups in society
d. the costs of trade for both exporting and importing nations outweigh the benefits
e. of a lack of comparative advantage
B
You might also like to view...
Labor demand curves always slope down.
Answer the following statement true (T) or false (F)
Total income in an economy is equal to
A) the sum of wages, interest, rent, and profit. B) firm revenues. C) GDP minus net exports. D) income minus taxes.
When regulating a natural monopoly, government officials
a. can set an efficient price, but the firm will suffer a loss b. can arrange a Pareto improvement by leaving the firm alone c. should force the firm to set a price equal to minimum marginal cost d. should force the firm to set a price equal to minimum long-run average total cost e. will increase efficiency if they force the firm to produce where MR = MC.
What you give up to obtain an item is called your
a. opportunity cost. b. explicit cost. c. monetary cost. d. direct cost.