An infant industry is one that
A. does not need so-called protection by government.
B. is vulnerable to being crushed by better-funded and more mature foreign competitors.
C. relies on growing human populations for new customers.
D. is less than two years old.
Answer: B
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Economists Robert Jensen and Nolan Miller reasoned that to be a Giffen good, with an income effect larger than its substitution effect, a good must be ________ and make up a ________ portion of a consumer's budget
A) an inferior good; very small B) a normal good; very large C) an inferior good; very large D) a normal good; very small
Which statement is correct?
A. Monopolist firms are sheltered from competitive forces and such an environment makes them subject to X-inefficiency. B. Monopolist firms are in industries with low barriers to entry that tend to lower the cost of producing products. C. Competitive firms tend to be more efficient than monopolist firms because they maximize per-unit profits, not total profits. D. Monopolist firms tend to be more internally efficient than competitive firms because they have a single goal of profit maximization.
The deadweight loss associated with output less than the competitive level can be determined by
A) subtracting the competitive level producer surplus from the producer surplus associated with less output. B) subtracting the consumer surplus from the producer surplus associated with less output. C) summing the consumer and producer surplus associated with less output. D) summing the change in the total consumer and producer surplus from moving from the competitive level of output to less output.
New college graduates still looking for their first jobs would be classified in the BLS data as:
A. Frictionally unemployed B. Not yet in the labor force C. Cyclically unemployed D. Part of structural unemployment