The infant industry argument for protectionism is to block imports ______________ to give the infant industry time to mature before it starts competing on equal terms in the global economy.
a. for a limited time
b. for a long time
c. permanently
d. never
a. for a limited time
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If it is not possible to prevent others from sharing in the benefits of a good's consumption, we say that the good
a. is an economic bad b. is nonrival in consumption c. has the characteristic of non excludability d. is a private good
Figure 4-11 Refer to . On the Laffer curve shown, which of the following is true?
a. Tax revenue would increase if marginal tax rates were lowered from point C.
b. Tax revenue would decrease if marginal tax rates were lowered from point A.
c. Tax revenues are maximized at a tax rate corresponding to point B.
d. All of the above are true.
An aggregated demand curse is created by summing the _________ on the individual demand _________.
Fill in the blank(s) with the appropriate word(s).
Suppose that the economy is at its long-run equilibrium and the government increases its purchases. Which will NOT occur as the economy moves back to its long-run equilibrium?