Four main arguments have been made for trade protection: (1) the ______ argument; (2) the _______ argument; (3) the ________ argument; and (4) the ________ argument.
Fill in the blank(s) with the appropriate word(s).
national security; infant industry; low wage; employment
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Economic growth is represented by an inward shift of the production possibility curve
a. True b. False Indicate whether the statement is true or false
One example of qualitative easing, or unconventional monetary policy, is a purchase by the Fed of Treasury bonds
a. True b. False Indicate whether the statement is true or false
If the reserve ratio is 100-percent, then a new deposit of $1000 into a bank account
a. eventually increases the money supply by $1000. b. leaves the size of the money supply unchanged. c. eventually decreases the size of the money supply by $1000. d. eventually increases the money supply by $2000.
Which of the following is not an argument in favor of reforming the tax laws to encourage saving?
a. Saving is a key determinant of long-run prosperity. b. Current tax laws discourage saving for the purpose of leaving a large bequest. c. The substitution effect of a higher return to saving may be about equal to the income effect of a higher return to saving. d. The tax code currently taxes some forms of capital income twice.