Industrial policy is the idea that government using taxes, ________ , regulations, and coordination of the private sectors provide domestic industries a competitive advantage over foreign competitors
a. deregulations
b. price ceiling
c. subsidies
d. price floors
c
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If tofu is a normal good, an increase in income will
a. decrease the price of tofu b. decrease the production of tofu c. shift the demand curve for tofu to the left d. shift the demand curve for tofu to the right e. decrease the quantity demanded of tofu
Gross domestic product during a period is measured by adding
a. incomes received by households minus the sale of factor services supplied domestically. b. factor payments made by domestic firms minus retained earnings and indirect business taxes. c. expenditures on new final goods and services produced domestically. d. the market value of all goods and services produced domestically and then subtracting net exports from that figure.
Lower real interest rates
A. tend to shift the consumption function upward. B. have no significant effect on consumption. C. tend to shift the consumption function downward. D. tend to move the consumer upward along the consumption function.
Average revenue is:
A. marginal revenue minus marginal cost. B. total revenue divided by the quantity of output. C. total revenue minus total cost. D. marginal revenue divided by the quantity of output.