Which of the following is not an important question for economic policy raised by the experience of the textile industry?
a. How does international trade affect consumer well-being?
b. Who gains and who loses from free trade among countries?
c. How do the gains from trade compare to the losses?
d. Which argument for restricting free trade is politically feasible?
d
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A common belief among political analysts is that someone running for his or her party's nomination for president of the United States must choose a different strategy once the nomination is secured
To be nominated, the candidate must appeal to voters from one party—Democrat or Republican—but in a general election a party's nominee must appeal to voters from both parties as well as independent voters. Which of the following offers the best explanation for this change in strategy? A) rent seeking B) the median voter theorem C) the Arrow impossibility theorem D) the voting paradox
Capital per person k is higher in Japan than in the United States. As a result ________
A) per capita income is higher in Japan B) total factor productivity is higher in Japan C) the marginal product of capital is higher in Japan D) all of the above E) none of the above