Explain the concept of "learning by doing" with respect to infant industry protection
What will be an ideal response?
Learning by doing refers to the knowledge and skills that workers gain during production. These skills and knowledge increase productivity and lower costs. Infant industries, those which are at an early stage of development, can benefit from learning by doing by becoming more productive and cost efficient, and in doing so become more competitive in the world market.
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If workers in an industry become less productive, we would expect the
A) supply of workers to increase. B) supply of workers to decrease. C) demand for workers to decrease. D) demand for workers to increase.
One of the objectives of the health-care reform bills passed in March 2010 was to bring _____________ people into the pool of insured persons so that insurance policies would become ________________. However, provisions in the bill are likely to make the average cost of an insurance policy _____________ than it would have been without reform
A) fewer; cheaper; lower B) fewer; more expensive; lower C) more; cheaper; lower D) more; cheaper; higher E) none of the above
The world's most important reserve currency is the
A. American dollar. B. British pound. C. German mark. D. Japanese yen.
If the nominal interest rate is high and rising, a possible cause is
A. a rising inflation rate. B. a falling real interest rates. C. reduced government borrowing. D. increased lending activity.