As a General Rule, When There Are Specific Factors, Owners

question 25

Multiple Choice

As a general rule, when there are specific factors, owners of factors specific to the importing industry are ______________, whereas the mobile factor owners (such as labor) in that industry are ______________.

• A) harmed; benefited
• B) benefited; harmed
• C) harmed; either benefited or harmed, depending on consumption patterns
• D) not affected; harmed

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Definitions:

Private Ownership

The legal possession of assets, resources, or property by individuals or corporations rather than by the state or public entities.

Consumer Sovereignty

The concept that consumers' preferences and choices dictate the production and consumption of goods and services in an economy.

Dollar Votes

A term used in economics to describe how consumers show their preferences and exert influence in the market by how they spend their money.

Dollar Votes

The concept that consumers "vote" for the products they prefer through the dollars they spend.