In the economic way of thinking, the demand for clean air is
A) nonexistent.
B) independent of price or cost.
C) completely inelastic.
D) all of the above.
E) none of the above.
Question 2
Can economic theory prove national restrictions on international trade will reduce global welfare?
A) No, but it can demonstrate that they will reduce the welfare of the nations that impose the restrictions.
B) No, but it can demonstrate that they reduce efficiency.
C) No, but it can predict which groups will be made worse off or better off.
D) Yes, if welfare is defined as economic welfare.
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