Which of the Following Statements Is Correct? Most Economists

question 79

Multiple Choice

Which of the following statements is correct? Most economists

• A)think that protectionism is a vital and necessary component in a nation's economic policy.
• B)prefer to let the market forces of supply and demand solve trade imbalances.
• C)believe that tariffs and quotas are efficient and effective measures.
• D)believe product standards,export subsidies,and exchange controls are desirable trade practices,but quotas and tariffs only provoke retaliation.
• E)think that the best way to correct trade deficits is to devalue the dollar.

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Definitions:

Personal Freedom

The right to act, speak, or think without unwanted external restraint.

Justice Perspective

A moral perspective that focuses on the rights of the individual; individuals independently make moral decisions.

Moral Perspective

Involves the viewpoint or stance from which ethical rightness or wrongness is determined, often based on societal, cultural, or personal values.

Rights

Legal, social, or ethical principles of freedom or entitlement; the fundamental normative rules about what is allowed of people or owed to people.