Which of the following is NOT a true statement?
A) Trade barriers are usually a good way of protecting jobs.
B) There have been significant reductions in trade barriers over the last 60 years.
C) Economists generally favor further reductions in trade barriers.
D) There are diminishing returns to trade negotiations.
A
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If the price of tangerines increases, the price of oranges also rises because
A) buyers' incomes must have decreased, and oranges are an inferior good. B) if the supply of tangerines decreased, then the supply of oranges also must decrease. C) buyers must have expected a higher price for oranges and thus increased their demand for oranges. D) consumers consider the two goods complements, and so sellers decreased the supply of oranges. E) consumers consider the two goods substitutes, and demand for oranges increases.
When a market is efficient, the
A) sum of consumer surplus and producer surplus is maximized. B) deadweight gain is maximized. C) quantity produced is maximized. D) marginal benefit of the last unit produced exceeds the marginal cost by as much as possible. E) total benefit equals the total cost.