The infant-industry argument about tariffs implies that
a. it is unfair to levy tariffs on items intended for use by infants.
b. tariffs should be levied on foreign products that compete with new domestic industries only in the short run.
c. if a newly established domestic industry can survive in the short run, a tariff should be levied to protect it from foreign competition in the long run.
d. permanent tariffs should be levied on foreign products that compete with those produced by newly established domestic industries.
B
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One of the serious drawbacks of the deposit insurance system in the United States is that:
A. the system took away the Federal Reserve's ability to change reserve requirements. B. if insured intermediaries make many bad loans, the taxpayers may be responsible for covering the losses. C. the system took away the Federal Reserve's ability to conduct open-market operations. D. bank failures continue to occur regularly.
A profit-maximizing monopoly will produce that output for which
a. marginal revenue equals price. b. average cost is minimized. c. marginal cost is minimized. d. marginal cost equals marginal revenue.
Jake can wash 6 cars or mow 3 lawns during the same time. His marginal cost of washing a car is:
a. mowing one-third lawn. b. mowing half a lawn. c. mowing one lawn. d. mowing 2 lawns.
An unusually large crop of coffee beans would:
A. decrease the quantity of coffee consumed. B. increase the price of coffee. C. increase the price of tea. D. increase the supply of coffee.