When a country establishes trade restrictions, domestic producers of goods that compete with imported goods
a. always lose in the short run
b. always gain in the long run
c. may lose in the long run if protection stifles innovation and leaves the industry vulnerable
d. may gain in the short run because wages will fall in that industry
e. usually lobby against such restrictions
C
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Use the following graph to answer the next question.
In the diagram, Qf is the full-employment output. An expansionary fiscal policy would be most appropriate and needed if the economy's present aggregate demand curve were at
A. AD0. B. AD1. C. AD2. D. AD3.
If the Marginal utility of the first bar of chocolate that Dan eats is 5 utils, then which of the following is most likely to be true?
a) Dan will eat 5 bars of chocolate. b) The marginal utility of the second bar of chocolate that Dan eats will be less than 5 utils. c) The marginal utility of the second bar of chocolate that Dan eats will be greater than 5 utils. d) None of the above.
Which one of the following states a central element of the economic way of thinking?
What will be an ideal response?
GDP can rise as a result of a rise in , and Real GDP can rise as a result of a rise in .
A) prices or output; prices only. B) prices only; prices or output. C) prices or output; output only. D) prices or output; prices or output.