Which of the following is NOT a true statement about economic sanctions?
A) Economic sanctions are aimed at broad policy objectives, such as the end of apartheid.
B) Economic sanctions can seriously harm the economy of a country on which they are imposed.
C) Economic sanctions are usually effective in achieving policy goals.
D) Economic sanctions may not be sufficient to achieve policy goals without military force or other measures.
C
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Assume someone organizes all farms in the nation into a monopoly. As a result, consumer surplus will
A) not change. B) increase. C) decrease. D) either increase, decrease, or not change depending if the monopoly's marginal revenue curve lies below, above, or is the same as its demand curve. E) None of the above answers is correct because the effect on consumer surplus depends on whether the monopoly is a single-price or a price-discriminating monopoly.
In the above table, the production of 3 pizzas and 80 cases of soda is
A) impossible unless more resources become available or technology improves. B) feasible but would involve unemployed or misallocated resources. C) possible only if the economy produces with maximum efficiency. D) possible only if there is inflation.