How do high tariffs and other restraints on international trade affect a nation's prosperity?
a. They increase employment and thereby promote the growth of real GDP.
b. They prevent the nation from fully realizing the potential gains from specialization, exchange, and competition.
c. They protect domestic producers and thereby promote economic growth.
d. Both a and c are correct.
B
Economics
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The government corporation that insures pension benefits is
A) Fannie Mae. B) Ginnie Mae. C) Penny Benny. D) Sallie Mae.
Economics
Which of the following is not true in the long run under perfect competition? a. There is no incentive for firms to enter or exit the industry. b. Economic profit is zero
c. Long-run marginal cost is minimized. d. Long-run average total cost is minimized.
Economics