Occupational licensing:
A. functions essentially the same as inclusive unionism.
B. attracts large numbers of workers and therefore depresses wages.
C. often restricts occupational entry and raises the incomes of license holders.
D. has been declared illegal in the majority of states.
Answer: C
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When a firm has been granted a trademark, which grants legal protection against other firms using the name of the product that has been granted the trademark, the firm
A) does not have to worry about legally enforcing the trademark; this is the responsibility of the legal system. B) still faces the possibility that the name will become widely used and no longer associated with a specific company. C) still must apply for a copyright and a patent to ensure that no other firm will use the product's name. D) must spend an annual amount on advertising the product each year; the amount it must spend is negotiated by the firm and the government agency that grants the trademark.
Which of the following best describes economists' general assessment of the impacts of offshoring?
A. Offshoring has an overall negative impact on the U.S. economy because of the significant domestic job losses it causes. B. Offshoring benefits the U.S. economy by promoting greater specialization and exchange of goods and services based on comparative advantage. C. Offshoring provides some cost advantages but generally results in much-lower-quality goods for consumers. D. Job losses from offshoring are magnified by job losses in complementary industries.