Related to the Economics in Practice on Page 669: Satirist

question 194

Multiple Choice

Related to the Economics in Practice on page 669: Satirist Frederic Bastiat's essay arguing for a quota on sunlight in order to protect domestic candle makers suggests that it is pointless to

• A) participate in international trade.
• B) protect industries that cannot compete effectively.
• C) legislate based on economic theory.
• D) create barriers to trade in some markets but not others.

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Definitions:

Subcultures

Groups within a larger culture that have their own distinct values, norms, and practices.

Countercultures

Subcultures within an organization or society that significantly differ from or oppose the dominant culture's values and norms.

External Adaptation

The process by which an organization adjusts and responds to changes in its external environment.

Coping Success

The effectiveness of strategies employed by individuals to manage stress, challenges, or adversity.