Most economists view the United States' experience with trade as
a. one from which no firm conclusions about the virtues of free trade can be reached, due to the relatively short history of international trade in the U.S.
b. one from which no firm conclusions about the virtues of free trade can be reached, due to the lack of trade within the U.S. throughout most of the early history of the U.S.
c. an ongoing experiment that confirms the virtues of free trade.
d. an ongoing experiment that calls into serious question the notion that free trade enhances the economic well-being of a nation.
c
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The figure above shows short-run cost curves for a perfectly competitive firm. If the price of the product is $8, in the short run the firm will
A) make zero economic profit. B) make an economic profit. C) incur an economic loss. D) None of the above answers is correct because more information is needed to determine the firm's economic profit or loss.
If we assume that velocity is constant, and if the money supply increases by 6 percent, we would expect, ceteris paribus, that the price level would
A) increase by 3 percent. B) increase by 6 percent. C) decrease by 3 percent. D) decrease by 6 percent.
What is the marginal cost rule of specialization?
Ideally, a free trade policy should be accompanied by
a. a public education program to make the benefits known. b. open borders and amnesty for all undocumented workers. c. programs to ensure no one loses a job as a result of foreign competition. d. programs to assist workers who lose their jobs to foreign competition.