A price support system:
a. establishes a price floor for a farm product
b. results in a surplus
c. is costly to taxpayers and consumers
d. all of the above
Answer: d. all of the above
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Refer to Figure 22-4. Suppose the economy gains more capital per hour worked and experiences technological change. This is shown in the figure above by the movement from
A) E to B to D. B) A to E. C) A to B to C. D) A to D.
Typically, restrictions to "save domestic jobs" simply redistribute jobs by creating:
a. employment in the protected industry and reducing employment elsewhere. b. employment in nonprotected industries and reducing employment in the protected industry. c. labor unions in the nonprotected industries at the expense of employment in the protected industries. d. employment in the primary sector at the expense of the secondary sector. e. labor unions in the protected industries at the expense of employment in nonunionized industries.