Related to the Economics in Practice on page 673: Satirist Frederic Bastiat's essay arguing for a quota on sunlight in order to protect domestic candle makers suggests that it is pointless to
A. create barriers to trade in some markets but not others.
B. legislate based on economic theory.
C. protect industries that cannot compete effectively.
D. participate in international trade.
Answer: C
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The current deficit minus net interest is called the
A) primary deficit. B) net current deficit. C) current surplus. D) primary current deficit.
In comparison to the U.S., Germany has a relatively low percentage of union membership
a. True b. False Indicate whether the statement is true or false
Which of the following statements is true?
A. U.S. residents pay a higher percent of their income in taxes than the people in the provinces of Canada. B. The top marginal tax rate today is about half of the top marginal tax rate in 1960. C. Today the overall tax burden is about the same as what it was in 1929. D. Education in the U.S. is paid for exclusively by local taxes.
If labor market institutions change so that it becomes easier to find a job, and unemployed people are unemployed for smaller durations of time, what would happen to the natural rate of unemployment?
A. It would increase. B. It would remain the same, since the number of workers has not changed. C. It would decrease. D. There is not enough information to determine what would happen.