According to the text, an open economy is likely to have all the following EXCEPT
A) relatively more rapid spread of ideas. B) relatively more trade barriers.
C) high technological progress. D) high economic growth.
B
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Which of the following statements reflects the belief of the critics of industrial policy? a. The government allocates scarce resources more efficiently than markets
b. Industrial policy could evolve into a government giveaway program. c. Industrial policy gives domestic industries a competitive advantage over important trading partners. d. Industrial policy encourages unfavorable terms of trade with foreign countries. e. Industrial policy overprotects the domestic producers.
If Kevin's children run a lemonade stand for a day and sell 200 glasses of lemonade at $0.50 each, their total revenues are
a. $100. b. $199.50. c. $200. d. $400.