The infant industry argument
a. is that governments should protect all industries for the first five years of existence
b. is that governments should protect a new industry until it can "stand on its own feet"
c. defends quotas on products produced by infant industries abroad
d. has been used to justify protection of strategically important industries
e. explains why some less developed countries export raw materials
B
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The period of declining growth in real GDP, between the peak of the business cycle and the trough, is called the: a. contractionary phase. b. boom
c. expansionary phase. d. static phase.
Suppose a shift in aggregate demand creates an economic contraction. If policymakers can respond with sufficient speed and precision, they can offset the initial shift by shifting
a. aggregate supply right. b. aggregate supply left. c. aggregate demand right. d. aggregate demand left.
A bank with a leverage ratio of 6.5 to 1 has
A) $6.50 in assets for every $1 in liabilities. B) $6.50 in assets for every $1 in capital. C) $1 in assets for every $6.50 in capital. D) $1 in assets for every $6.50 in liabilities.
Which of the following represents the Lucas supply function?
A. Y = f(Pe + P) B. Y = f(P - Pe) C. Y = f(P + Pe) D. Y = f(Pe - P)