It is _______ that protection makes a nation worse off because it induces the firms in that nation to produce more of the goods that are costly to make and; it is _____ that one nation can gain from international trade only at the expense of other nations.
A. true; true
B. false; false
C. false; true
D. true; false
D. true; false
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The difference between individual and aggregate demand is
a. Individual demand is the total demand of all the individuals in a market b. In the aggregate demand, each point represents a single consumer's different values for a single unit of the good c. In the aggregate demand, each point represents a consumer group's value of the good d. All of the above
A recessionary real shock will:
a. shift the aggregate demand curve to the left and reduce real GDP. b. shift the aggregate demand curve to the right and increase real GDP. c. shift the aggregate supply curve to the left and increase real GDP. d. shift the aggregate supply curve to the left and reduce real GDP. e. shift the aggregate supply curve to the right and increase real GDP.
If the price level rises, what will happen to the level of real GDP supplied?
a. It will usually decrease. b. It will usually increase. c. Nothing. d. It will decrease at first and then increase.
If the economy is operating at a point beyond its institutional production possibilities frontier (institutional PPF), then the economy is
A) producing Natural Real GDP and operating at the natural unemployment rate. B) producing less than Natural Real GDP and operating below the natural unemployment rate. C) producing more than Natural Real GDP and operating above the natural unemployment rate. D) producing more than Natural Real GDP and operating below the natural unemployment rate. E) none of the above