Which of the following is a valid counter-argument to the call for higher tariffs to save U.S. jobs?
A. U.S. firms and workers must be protected from the cheaper labor in nations where wages are low
B. All nations cannot simultaneously succeed in restricting imports while maintaining exports
C. Reducing tariffs will benefit all consumers and domestic producers
D. The need to protect U.S. workers from the unemployment is not a concern in international economics
B. All nations cannot simultaneously succeed in restricting imports while maintaining exports
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According to the rule of reason, when would the courts find a monopoly in violation of the Sherman Antitrust Act?
a. Always-monopoly is per se illegal under the rule of reason. b. Only when the monopoly created negative externalities. c. Only when the monopoly engaged in illegal business practices. d. Only when the monopoly charged excessively high prices.
The term "utility" describes the level of satisfaction or pleasure that people receive from their choices
a. True b. False Indicate whether the statement is true or false