The estimated cost of automobile jobs saved due to limitations on foreign autos is $105,000 per job. Why is there a cost to saving jobs through protectionism?
What will be an ideal response?
When foreign cars are limited, consumers pay more for cars. In addition, the United States devotes too many resources to car production instead of more resources being transferred to where workers would be most productive.
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If the average annual growth rate in real GDP for a nation during the last decade was 4 percent per year and the average annual population growth rate was 3 percent per year during the same period, then the average annual growth rate of per capita
GDP was A) 1.00 percent. B) 1.33 percent. C) 0.75 percent. D) -1.00 percent.
The principle of diminishing marginal utility means that as you eat fewer slices of pizza, your total utility from pizza will ________ and your marginal utility from each additional slice of pizza will ________
A) increase; decrease B) decrease; increase C) increase; increase D) decrease; decrease