Some economists suggest the optimal way for a nation to protect its access to a strategic mineral is with
A) an infant industry tariff.
B) a high rate of effective protection to keep local mines in business.
C) a quota on imports of the mineral.
D) a low nominal rate of protection.
E) a stockpile.
E
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The upward slope of the supply curve reflects the
A. law of diminishing marginal utility. B. principle of specialization in production. C. fact that price and quantity supplied are inversely related. D. law of supply.
What problems can high inflation rates cause for the economy?
What will be an ideal response?
Which of the following would eliminate scarcity as an economic problem?
a. Moderation of people's competitive instincts. b. Discovery of sufficiently large new energy reserves. c. Resumption of steady productivity growth. d. None of these.
A main reason the federal government may choose to spend would be the:
A. real interest rates decrease. B. real interest rates increase. C. desire to achieve full-employment GDP. D. government expected to earn a large return on its spending.