Which of the following is a diversity of industry argument in favor of restrictions on foreign trade?
a. Foreign producers must be prevented from exporting their goods below cost of production
b. Domestic workers must be protected from the lower wages paid in foreign countries.
c. The nation's security demands we ensure an adequate domestic supply of certain strategic goods.
d. Don't have all of your eggs in one basket.
e. Industries in the early stages of development must be protected from more mature producers.
D
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What characteristic of a competitive market has made the "long run pretty short" in the market for iPhone applications?
A) few firms in the market B) ease of entry C) blocked entry D) identical products
An investment bank purchases securities from a corporation at a predetermined price and then resells them in the market. This process is called
A) underwriting. B) underhanded. C) understanding. D) undertaking.
(Appendix) Which of the following production functions exhibits increasing returns to scale?
A. Q = Kl/2L2/3 B. Q = Kl/4Ll/3 C. Q = K/L D. Q = K1/2Ll/2
If the wage paid to workers increases, the labor demand curve:
A. will not shift. B. shifts to the left and fewer workers are hired. C. shifts to the right and more workers are hired. D. shifts to the right and fewer workers are hired.