Protectionism is best defined as
A. reducing barriers to trade in order to protect firms that export to other nations.
B. using tariffs, quotas, or other barriers to trade to protect domestic jobs.
C. using low-cost loans from the government to encourage industries to offshore their operations to other nations.
D. protecting workers from layoffs by subsidizing industries in danger of reducing their workforces.
Answer: B
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Refer to the scenario above. The opportunity cost of producing good X equals:
A) loss in Good Y / loss in Good X. B) loss in Good Y / gain in Good X. C) loss in Good X / loss in Good Y. D) loss in Good X / gain in Good Y.
The shares of the economic value of a particular transaction that accrues to the seller and the buyer depend on:
a. the buyer's opportunity cost. b. the relative bargaining powers of the two parties. c. the cost of production incurred by the seller while producing the good. d. the lobbying techniques adopted by the two parties.
To macroeconomists, investment is mainly the purchases of goods and services
A) by businesses. B) to hold as wealth, such as gold coins or art. C) to hold as wealth, such as stocks and bonds. D) by the government. E) ?b and c
Economists generally agree that price controls in the U.S. would
A. diminish the motivation to invent new drugs. B. increase prices to consumers. C. diminish the motivation to invent new drugs and diminish profits to drug companies. D. diminish profits to drug companies.