Question 1. When economists with different political views do cost/benefit comparisons, they often reach different conclusions. If their analysis is based on objective costs and valid techniques, why wouldn't they reach similar conclusions, even if those conclusions conflicted with their political beliefs? Explain.
Question 2. Why do we say that competitive markets are efficient?
Question 3. What are the six main methods used by governments to restrict trade?
Question 4. List six reasons why countries impose trade restrictions.
Question 5. What are the main reasons why economists typically oppose the use of trade restrictions?