The idea that tariffs should be imposed to protect new and developing industries is referred to as
A) the start-up argument.
B) the infant industry argument.
C) the incubator business theory.
D) the new markets theory.
B
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Total fixed costs decrease as output expands
a. True b. False
Which of the following is most likely to occur when the government enacts policies to make the distribution of income more equal?
a. a more efficient allocation of resources b. a distortion of incentives c. unchanged behavior d. All of the above are correct.
Suppose the economy's short-run equilibrium level is at a point to the left of Natural Real GDP. Which of the following statements is true?
A) The economy is in an inflationary gap. B) The economy is in a recessionary gap. C) The economy is in long-run equilibrium. D) This situation is actually impossible.
A theory in which advanced countries stop growing because investment opportunities would be eliminated is referred to as:
A. secular stagnation. B. structural stagnation. C. frictional stagnation. D. reservation stagnation