Public choice theory indicates that tariffs, quotas, and other trade restrictions are primarily the result of the
a. political clout of foreigners.
b. political clout of domestic consumers.
c. political power of the special interest groups.
d. attractiveness of sound economic policies to elected political officials.
C
Economics
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If firms in a monopolistically competitive industry are making profits in the short run
A) some firms will ultimately exit the industry. B) barriers to entry will be erected to keep out rivals. C) new firms will enter the market. D) they will resort to advertising wars to help sustain these profits.
Economics
Temporary tax cuts would cause
A) the AA-curve to shift left. B) the AA-curve to shift right. C) the DD-curve to shift left. D) the DD-curve to shift right. E) a shift in the AA-curve, although the direction is ambiguous.
Economics