Frederic Bastiat formulated
A. the theory of absolute advantage.
B. the theory of comparative advantage.
C. the petition of the candlemakers to shut out the sun.
D. the infant industry argument.
C. the petition of the candlemakers to shut out the sun.
You might also like to view...
Suppose that each of 8,000 firms in a perfectly competitive industry produces 1,000 units of a good and maximizes profits when the price of the good is $10
If there is a permanent increase in demand, in the short run each firm produces ________ 1,000 units and in the long run the number of firms is ________ 8,000. A) more than; more than B) less than; more than C) less than; less than D) more than; less than E) exactly; more than
The local labor market for lawn-mowing workers is initially in equilibrium. These workers are also able to clean swimming pools and have no preference for one job over the other. If the wage rate for pool cleaning rises, which of the following would occur in the lawn-mowing labor market?
a. Both labor demand and labor supply will drop, leading to a lower wage rate and lower employment. b. Both labor demand and labor supply will rise, leading to a higher wage rate and lower employment. c. Labor supply will drop, leading to a higher wage rate and lower employment. d. Labor supply will drop, leading to a lower wage rate and lower employment. e. Labor demand will drop, leading to a lower wage rate and lower employment.
Which of the following would not be associated with a favorable supply shock?
a. the short-run Phillips curve shifts left b. unemployment falls c. the price level rises d. output rises.
In 2010, the debt-to-GDP ratio for the United States was approximately equal to
A) 90%. B) 17%. C) 37%. D) 67%.