Every president who has held office since the General Agreement on Tariffs and Trade was signed has
A. argued for free-trade policies, but only Kennedy and Carter successfully resisted all calls for protection from various sectors of the economy.
B. argued for free-trade policies, yet each one has used his powers to protect various sectors of the economy.
C. argued for free-trade policies, but only Eisenhower and Reagan successfully resisted all calls for protection from various sectors of the economy.
D. argued that certain domestic industries deserve protection, yet each one has been reluctant to use his powers to protect individual sectors of the economy.
Answer: B
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Which of the following illustrates the store-of-value function of money?
A) writing a check to buy a new Volkswagen B) noting that the price of a $20,000 Volkswagen is 16,000 euros C) agreeing to repay a bank $400 a month for the next 48 months for a loan to buy a new Volkswagen D) keeping $20,000 in cash in your mattress instead of buying a new Volkswagen
Acme is a perfectly competitive firm. It has the total cost schedule given in the above table. Acme's product sells for $8.00 per unit. What amount of output is the most profitable and what is Acme's economic profit or economic loss?
What will be an ideal response?