1)A lesson from the Brazilian experiment was that:

Group of answer choices

when politicians get involved, rational decisions and good business practices are more difficult.

there are many determinants other than market price that also factor into an industry's successfirms had supplier difficulties and were hampered by excessive regulation.

infant industry protection is almost never successful.

government usually knows better than the market whether an industry has potential.

2) Because most immigrants into the United States are either highly skilled or unskilled, the majority of workers:

Group of answer choices

feel a big hit on wages and unemployment.

must rely on trade adjustment assistance for help retraining and relocating.

have difficulty finding jobs and getting raises because of all the competition from immigrants.

see very little impact on their wages as a result of immigration.

3) Dumping occurs when a foreign monopolist charges ______ price in the domestic market than/as in a foreign market.

Group of answer choices

an equivalent

a higher

a lower

the same

4) How does a tariff imposed by a large country differ from a tariff imposed by a small country?

Group of answer choices

It may not have any effect at all in the large country, since its consumers have so many other choices.

The large nation can just buy up foreign producers if the foreign producers don't like having a tariff imposed.

Because of its size, the large nation's tariff not only decreases the quantity demanded of the product but may also reduce the world price of the good.

If a large nation imposes a tariff, that government gets more revenue.

5) IfS= 1Prepresents a country's home supply curve andD= 100 - 1Prepresents its home demand curve, then the equation representing its import demand curve is:

Group of answer choices

100 - 1P.

50 - 1P.

50 - 2P.

100 - 2P.

6) In a competitive market for the models discussed in class, what happens to the equilibrium nominal wage?

Group of answer choices

It is determined by the intersection of curves representing the demand for and the supply of imports.

It is the same in all industries.

It is equal to the marginal product of the labor..

It differs among industries.

7) In comparison to the welfare effects of a tariff in a perfectly competitive home market, the welfare effects of a tariff under a home monopoly are _______, and the deadweight loss for the home monopoly is ________.

Group of answer choices

higher; lower

lower; lower

the same; the same

lower; higher

8) In the long run, when there is immigration of labor and all domestic factors of production are mobile:

Group of answer choices

the additional labor in the economy is fully employed and the capital-labor ratio in each industry is unchanged

the excess labor cannot be absorbed into the economy, and eventually workers will seek to emigrate.

resources move out of the labor-intensive industry into the other sectors of the economy.

the excess labor is absorbed, but it raises the unemployment rate and drives down wages, and the owners of capital are the clear winners.