Employers and workers in the protected industry know that the consequences of protection are principally:
a. lower prices for their output, lower profits for owners, and lower wages for workers.
b. higher prices for their output, lower profits for owners, and lower wages for workers.
c. higher prices for their output, lower profits for owners, and higher wages for workers.
d. lower prices for their output, higher profits for owners, and higher wages for workers.
e. higher prices for their output, higher profits for owners, and higher wages for workers.
e
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Gdp:
a. is the dollar value of all the final goods and services produced within the borders of a nation. b. includes intermediate and final goods and services. c. minus an allowance for depreciation of fixed capital equals GNP. d. is a less-than-perfect measure of social well-being because it does not include exports and imports. e. all of these.
Which of the following statements is correct?
a. By definition, all natural resources are nonrenewable. b. Market prices give us reason to believe that natural resources are a limit to economic growth. c. An economy must be blessed with ample quantities of natural resources if it is to be a highly productive economy. d. Differences in natural resources can explain some of the differences in standards of living around the world.