Which of the reasons given for tariff protection make consumers better off by generating lower prices?

Which of the following statements is TRUE?

A) Bank failure is limited to banks that have mismanaged their assets. B) Bank failure is limited to banks that have invested in real estate. C) Bank failure is limited to banks that have invested in government bonds. D) Bank failure is limited to a few banks. E) Bank failure is NOT limited to banks that have mismanaged their assets.

Refer to Figure 3.1. Which assumption concerning preferences do Alvin's indifference curves violate?

A) Diminishing marginal rates of substitution B) Transitivity of preferences C) More is preferred to less D) Completeness