Which of the following would be most likely to help the residents of a nation produce a larger output and consume a wide variety of products at economical prices?
a. imposition of tariffs on imported goods
b. quotas that protect domestic businesses against foreign producers that pay workers low wages
c. free trade
d. exchange rate controls
C
You might also like to view...
Pick the true statement, regarding the notion of competition as a process versus the model of perfect competition
A) The process notion allows for full and complete information; perfect competition doesn't. B) The process notion allows for price taking activity; perfect competition doesn't. C) The process notion allows for identical products; perfect competition doesn't. D) The process notion allows for a small number of participants; perfect competition doesn't. E) All of the above are true.
If workers are homogeneous and face a monopsonist,
A) they are likely to want to form a union. B) they are likely to want to negotiate one-on-one with their employer. C) it is likely that half will want to form a union, half will not. D) they are likely to move to another town.