The argument that import restrictions save jobs and promote prosperity fails to recognize that:
a. there are no secondary effects of import restrictions.
b. import restrictions will lower prices in the protected industries.
c. import restrictions cannot create jobs in any industries.
d. U.S. imports provide people in other countries with the dollars power required for the purchase of U.S. exports.
d
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The market supply curve for labor is
A) perfectly inelastic if leisure is an inferior good. B) determined by adding up the quantity of labor supplied by each worker at each wage, holding constant all other variables that affect the willingness of workers to supply labor. C) determined by adding up the wages each worker is willing to work for at a given quantity supplied, holding constant all other variables that affect the willingness of workers to supply labor. D) derived from the market supply curve for the output produced with labor.
The problem with the separation of ownership from control is that
A) the owner in a proprietorship may not always act in the profit-maximizing fashion because he or she may not have the experience or expertise that professional managers have. B) the managing partner of a firm may not always behave in the way that other managers would if they were the managing partners. C) the managers of the firm can make decisions that reduce the wealth of the owners while not reducing their own wealth. D) the owners of firms may not always know the best way to run a firm, yet they are the ones who elect the managers of the firm.