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:

Contiguity

In learning theory, refers to the proximity in time or space between two events, which can influence the association formed between them.

Contingency

A future event or circumstance that is possible but cannot be predicted with certainty, often requiring planning for multiple outcomes.

Extinction

the process through which a conditioned response is diminished or eliminated, often due to the conditioned stimulus being presented without the unconditioned stimulus.

Spontaneous Recovery

The reappearance of a conditioned response after a period of lessened response.