Suppose the US imposes tariffs on China, which retaliates with tariffs of its own. The ensuing trade war causes both countries to begin producing goods at higher costs than before because of the loss of comparative advantage. The result is a direct effect on the production function, which causes the ________ to shift ________.

Which of the following is NOT an assumption of perfect competition?

A) many firms B) many buyers C) restrictions on entry into the market D) each firm sells an identical product

ISI policies were brought to an end primarily by

A) their inability to solve the crises of the 1980s. B) authoritarian governments interested in total control over the economy. C) populist politicians. D) the growing perception that they were creating long-term economic inefficiencies. E) Both A and D.