Frederic Bastiat's, "A Petition From the Candlemakers", presents a satirical view of protectionism because
A. it pictures the sun as an unfair foreign competitor.
B. it argues the government should ban all imports.
C. it makes consumer preferences for foreign products the source of trade problems.
D. it makes domestic workers the source of all trade problems.
A. it pictures the sun as an unfair foreign competitor.
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The cross-price elasticity of demand between product X and product Y is -1.2. It can be inferred that X and Y are
A. complements. B. inferior. C. substitutes. D. unrelated.
Refer to the diagram above, which represents a country's supply and demand for an internationally traded good. If PW is the world price, and a foreign country engages in dumping by selling at P2, total domestic consumption will ________ to ________
A) increase; Q2 B) decrease; zero C) increase; Q5 D) increase; Q3
The U.S. government
A. intervenes to prevent the monopolization of any market. B. forbids the creation of legal impediments to entry into any market. C. intervenes to prevent the monopolization of some markets and actively encourages the monopolization of others. D. encourages the permanent monopolization of all markets in which the monopolist has technical superiority over potential competitors.
The fact that investors can always hold cash creates:
A. negative nominal interest rates. B. a problem for monetary policymakers when the short-term interest rates approach zero. C. an opportunity for the U.S. treasury to issue bonds that actually have negative nominal interest rates. D. an upward bound on nominal interest rates.