Industries that are truly critical to the national defense should be protected from foreign competition if that is the only way to ensure their existence
a. True
b. False
Indicate whether the statement is true or false
True
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U.S. export spending is not affected by U.S. real income but is influenced by the economic activity of its major trading partners and the exchange rate, hence export spending is taken as autonomous
Indicate whether the statement is true or false
Voluntary agreements may not be a feasible method to internalize an externality when
A) the dollar value of the externality is large. B) the externality is negative rather than positive. C) there are significant transaction costs. D) there are high taxes on the firms that cause the externalities.
A factory is an example of:
a. capital. b. scarcity. c. an enterprise. d. land resources. e. output.
A tariff is a
A. voluntary limit on sales of a foreign product in the domestic market. B. tax on sales of a foreign product in the domestic market. C. regulation of the quality of a foreign product sold in the domestic market. D. legal limit on sales of a foreign product in the domestic market.