When a Certain Nation Abandoned a Policy of Prohibiting International

question 234

Multiple Choice

When a certain nation abandoned a policy of prohibiting international trade in automobiles in favor of a free-tree policy,the result was that the country began to import automobiles.The change in policy improved the well-being of that nation in the sense that

• A)both producers of automobiles and consumers of automobiles in that nation became better off as a result.
• B)the gains to automobile producers in that nation exceeded the losses of the automobile consumers in that nation.
• C)the gains to automobile consumers in that nation exceeded the losses of the automobile producers in that nation.
• D)even though total surplus in that nation decreased,it was still true that consumer surplus and producer surplus increased.

Comprehend the role and function of strategic thinking and risk-taking in entrepreneurship.

Understand the financing options available to entrepreneurs, including the differences between debt and equity financing.

Recognize the challenges and strategies related to establishing a new business, including business planning and leadership transition planning.

Understand the definition and importance of economic stability.

---

Definitions:

Supply And Demand

The fundamental economic model that explains how prices are determined in the market based on the quantity of a good or service available and the desire of buyers for it.

Minimum-wage Laws

A law defining the minimum hourly compensation that employers are required to pay their workers.

Unemployment

The situation where individuals who are able and willing to work cannot find employment.

Withdrawal Of Labor

The act of removing oneself from the labor force or stopping the supply of labor, often in the form of strikes or quitting a job.