Which of the following is not an argument used in favor of protectionism?
a. To preserve national security.
b. To reduce prices paid by domestic consumers.
c. To protect against "unfair" competition because of cheap foreign labor.
d. To protect an "infant" industry.
e. To protect domestic jobs.
b
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Modigliani's consumption function differs from both Friedman's and Keynes' function in which of the following?
A) It is based on forward looking expectations. B) It is based on disposable income received over time. C) It is based on the value of assets accumulated over time. D) It is based on disposable income or permanent income.
In a recession, the trade balance often improves because
a. service exports exceed manufactured good exports b. banks sell depressed assets c. fewer households can afford luxury imports d. direct investment abroad declines e. the capital account exceeds the current account
To reduce our dependence on foreign oil, policy makers must realize that the cross-price elasticity sign for gasoline and fossil fuel-burning cars is negative.
Answer the following statement true (T) or false (F)
The Justice Department will not allow firms to merge if the result will be higher prices to consumers.
Answer the following statement true (T) or false (F)