Trade restrictions that limit the sale of low-price foreign goods in the U.S. market
a. increase the real income of Americans.
b. benefit domestic producers in the protected industries at the expense of consumers and domestic producers in export industries.
c. help channel more of our resources into producing goods for which we are a low-cost producer.
d. reduce unemployment and increase the productivity of American workers.
B
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According to this Application, Yu Juo proposed that the Chinese government should ________ the tax rate in the case of a famine if the government had insufficient funds, and this would ________ the standard of living
A) increase; increase B) increase; decrease C) cut; decrease D) cut; increase
If the real wage is below the equilibrium real wage, there would be a ________ of workers and the real wage would ________
A) surplus; decline B) surplus; rise C) shortage; decline D) shortage; rise