In a typical year, ________ of new jobs are created by small firms

The story about the mass slaughter of buffalo in the United States, which allowed the products to be exported during the 1870s, is an example of:

a. the first-mover principle. b. the principle of comparative advantage. c. the tragedy of the commons. d. export subsidies.

Which of the following statements is true?

A) Eliminating its tariffs and quotas unilaterally would not benefit the United States because this would remove the leverage it would have to persuade other countries to eliminate their trade restrictions. B) Economic efficiency would be increased if the United States eliminated all of its trade restrictions, but only if all other countries eliminated their trade restrictions too. C) The U. S. economy would gain from the elimination of its tariffs but not from the elimination of its quotas. D) The U.S. economy would gain from the elimination of tariffs and quotas even if other countries do not reduce their tariffs and quotas.