Protection of a new industry until it becomes strong enough to compete is called
A. the national defense argument.
B. the infant-industry argument.
C. the leveling-the-playing-field argument.
D. the government indirect tax argument.
Answer: B
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The government purchases component of GDP includes:
A. purchases of final goods and services. B. payments made to social security recipients. C. interest payments on government debt. D. transfer payments.
Examples of discount bonds include
A) U.S. Treasury bills. B) corporate bonds. C) U.S. Treasury notes. D) municipal bonds.
_____ refers to the situation faced by an insurance plan whose costs steadily increase as worse risks migrate toward it and better risks migrate away
a. Adverse selection b. Lemons problem c. Moral hazard d. Death spiral
In order for the price system to have satisfied the exacting requirements for efficiency,
a. MU must equal MC for each and every commodity. b. the average cost of producing each good must be equal to its MU. c. the maximum possible of total economic profit must be produced. d. every consumer's MU will be equal to marginal physical product