Some small, new industries are not as efficient as their more mature foreign competitors. The argument for protecting these industries from foreign competition is known as the
A. infant industry argument.
B. unfair competition argument.
C. antidumping argument.
D. national security argument.
Answer: A
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If a firm finds that, at its current level of employment, VMP > W, it will
A) be maximizing profits. B) be minimizing profits. C) increase the amount of labor it hires. D) decrease the amount of labor it hires.
Which of the following would increase the size of the government purchases multiplier?
A) an increase in the quantity of imports purchased by households from an increase in income B) a decrease in the amount saved by households from an increase in income C) an increase in the tax rate D) a decrease in the amount of consumption spending by households from an increase in income
If the government passes legislation shortening the workweek from 40 hours to 35 hours, with overtime pay required for more than 35 hours, which of the following would occur?
A. The demand for labor hours would increase. B. The supply of labor would decrease. C. Employers would face lower labor costs because they would save five hours a week of wages. D. Employers would face higher labor costs because they would have to pay overtime or train more workers to get the same quantity of work done.
Which of the following questions would a macroeconomist most likely try to answer?
A. What stage of the business cycle is our economy currently in? B. Why do Broadway musicals and airlines have different price discrimination strategies? C. How much would marijuana consumption change if the market became legal? D. Should the 5-Hour Energy firm increase its distribution from national to international?