Import restrictions
A) can protect United States jobs in the protected industry, which increases economic welfare of the country as a whole.
B) can protect United States jobs in the protected industry but will also lead to job reductions in other export industries.
C) hurt people who work in importing companies, but makes consumers better off.
D) cannot protect American jobs in any sector of the economy.
B
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Which of the following statements is true?
A) The type of institutions in a nation is considered a proximate cause of prosperity. B) Institutions determine the degree to which society accumulates factors of production and adopts new technology. C) Societal religious beliefs and existing social norms are key proximate causes of economic prosperity. D) Cultural and geographical factors that affect economic prosperity can be changed faster than the institutional factors that affect it.
_____ transactions refer to the export and import of goods and services as well as any international earnings on investments, both public and private
a. Current account b. Capital account c. Official reserve account d. Savings account
The largest budgetary expense for a typical state or local government is
a. public order and safety. b. welfare. c. highways. d. education.
An optimizing consumer makes her purchase decisions based on:
A) the total benefits at various levels of consumption. B) benefits per dollar spent at the margin. C) the total benefits per dollar spent at various levels of consumption. D) the benefits from the first dollar spent on consumption.