If the executives of the U.S. silicon-chip industry lobby Congress for protection from imports on the grounds that several thousand workers would lose their jobs if there were a reduction in domestic silicon-chip production, they are using the:
A) environmental standards argument.
B) infant industry argument.
C) job protection argument.
D) national security argument.
Ans: C) job protection argument.
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Use the above table. The MFC of the 4th worker is
A) $5. B) $6.25. C) $25. D) $40.
The price elasticity of demand increases with the length of the period considered because
A. consumers' incomes will increase over time. B. the demand curve will shift outward as time passes. C. consumers will be better able to find substitutes. D. all prices will increase over time.
Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process: Name of CompanyRevenuesCost of Purchased InputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$0.75The Corner Store$2.50$2.00 What is the sum of the value added of all the firms?
A. $2.75 B. $4.50 C. $5.25 D. $2.50
Firms do not have market power in which of the following market structures?
A) perfect competition only B) perfect competition and monopolistic competition C) oligopoly D) monopoly