The danger of using the national defense argument to protect domestic industries necessary to wage war is that
A. it has no validity on noneconomic grounds.
B. it is unrelated to the United States’ ability to wage war.
C. other nations will retaliate with tariffs against U.S. producers of war material.
D. industries with only the most peripheral relationship to defense are likely to invoke this argument on their behalf.
Answer: D
You might also like to view...
Aggregate expenditure includes consumption spending, unplanned investment spending, government purchases, and net exports
Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. The law of demand and the law of diminishing marginal utility are related. 2. Most economists find it acceptable to make utility comparisons between different people. 3. The income effect occurs when people value their personal property above the property of others. 4. The law of diminishing marginal utility explains why price and quantity demanded have a negative relationship. 5. Economists measure utility in utils.
A monopsonistic employer will pay a wage rate
A) less than the labor's MRP. B) greater than the labor's MRP. C) equal to the labor's MRP. D) equal to MFC.
Once the national health care program goes into effect, we can expect
A) total expenditures on health care will decrease. B) more individuals will have more incentives to make decisions that promote better health. C) total expenditures on health care will increase. D) moral hazard will decrease.