Anti-globalization and protectionism are both arguments against free trade. How do these two arguments differ?
What will be an ideal response?
The anti-globalization argument against trade is relatively new. This argument includes the notion that free trade destroys the culture of many countries and that factories locating to low-income countries do not meet environmental or safety regulations that are imposed in high-income countries. The protectionism argument has been around for centuries. Protectionism is usually justified on the basis of one of the following four arguments: saving jobs, protecting high wages, protecting infant industries, and protecting national security.
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If the elasticity of demand is -2.3 when calculated using the point elasticity method and -3.4 using the arc elasticity method, then
A) you should use the point elasticity. B) it is OK to use either one. C) there must be a mistake in the calculations. D) you should use the arc elasticity.
Using Figure 8.5, if the equilibrium price level is P1, then aggregate demand is
A. AD2, and the equilibrium output level is Q2. B. AD2, and the equilibrium output level is Q1. C. AD1, and the equilibrium output level is Q2. D. AD1, and the equilibrium output level is Q3.