A downfall of the infant-industry argument is that
a. most industries need protection when they are mature, not when they are first established.
b. the amount of the tariff is unlikely to have much impact on the success of an infant industry.
c. once a tariff is granted, political pressure will likely force withdrawal of the tariff before the industry matures.
d. once established, a tariff is politically difficult to remove.
D
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Which of the following is closest to the economist’s definition of perfect competition?
A. The airline industry B. The soft drink industry C. The fishing industry D. Cellular telephone service
The demand for health care is perfectly elastic
a. True b. False Indicate whether the statement is true or false
Which of the following is incorrect? During the Great Recession U.S:
a. Wealth fell. b. Unemployment duration rose. c. Monetary base fell. d. Inflation fell. e. All of the above are correct.
Consumption of fixed capital (depreciation) can be determined by:
a) adding taxes on production and imports to NDP. b) subtracting NDP from GDP. c) subtracting net investment from GDP. d) adding net investment to gross investment.