The quantitative importance of U.S. protection of the domestic clothing industry is best explained by the fact that
A) this industry is an important employer of highly skilled labor.
B) this industry is an important employer of low skilled labor.
C) most of the exporters of clothing into the U.S. are poor countries.
D) this industry is a politically well organized sector in the U.S.
E) the technology involved is very advanced.
D
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The quantity demanded of a product increases as
A) the price of the product rises. B) the price of the product falls. C) consumer income rises. D) the prices of other products fall.
When moving along a demand curve, which of the following changes?
A) the consumers' incomes B) the price of the good C) the number of buyers D) the consumers' preferences E) the prices of other goods
Interest is the payment for the use of
a. borrowed funds. b. natural resources. c. labor. d. any factor of production.
Neoclassical economic analysis tends to disregard the following motivations in people's decisions and actions, except:
A. Charity B. Selflessness C. Self-interest D. Focus on the common good