Philosophical foundations of the European model were provided by:
a. Adam Smith
b. David Ricardo
c. The theory of social market economy
d. Mercantilism
e. Both c and d
E
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The perfect competitor can make a profit
A. only in the long run. B. only in the short run. C. in both the long run and the short run. D. in neither the long run nor the short run.
Perfect competition is characterized by all of the following except
A) heavy advertising by individual sellers. B) homogeneous products. C) sellers are price takers. D) a horizontal demand curve for individual sellers.
A problem with the infant industry argument is that
A. it is almost impossible to eliminate the tariff once the industry matures. B. it is too restrictive in targeting new industries to protect. C. it allows infant industries to mature so that tariffs can be eliminated. D. it does not protect the most important new industries in a country.
An increase in the ________ is an example of a capital gain
A) value of a share of stock B) wage rate of a federal employee C) amount of income not spent on consumption or taxes D) after-tax wage rate as a result of a decrease in income tax rates