Patents, tariffs, and quotas are all examples of
A) entry barriers that protect consumers.
B) entry barriers that improve a country's standard of living.
C) government-imposed barriers.
D) economic regulations that increase efficiency.
C
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The argument that import restrictions save jobs and promote prosperity fails to recognize that:
a. there are no secondary effects of import restrictions. b. import restrictions will lower prices in the protected industries. c. import restrictions cannot create jobs in any industries. d. U.S. imports provide people in other countries with the dollars power required for the purchase of U.S. exports.
Where a firm generates beneficial externalities, society would be better off if
A. the firm produced a larger output level. B. the firm reduced its output level. C. a tax was levied on the firm equal to the dollar amount of the externalities. D. price was reduced below marginal private cost.