Most Economists Argue That Protectionism ________ the World Economy Because

question 79

Multiple Choice

Most economists argue that protectionism ________ the world economy because it ________ trade among countries.

• A) helps; inhibits
• B) helps; encourages
• C) harms; inhibits
• D) harms; encourages
• E) doesn't impact; doesn't affect

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Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision; it represents the benefits missed when choosing one option over another.

Consumer Goods

Items bought by the typical consumer for personal use.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing to allocate resources in a certain way.

Linear Production

A production process where there is a constant ratio of inputs to outputs, typically represented by a straight line in graphical analysis.