What is an infant industry?
(A) An industry that has tariff protection.
(B) An inefficient but necessary industry.
(C) An industry making products for infants and children.
(D) A young or developing industry.
Ans: (D) A young or developing industry.
You might also like to view...
Refer to Table 16.1. Which of the following statements is TRUE?
A) Guatemala has an absolute advantage in producing tomatoes. B) Guatemala has an absolute advantage in producing beer. C) Guatemala has a comparative advantage in producing beer. D) Guatemala has a comparative advantage in producing tomatoes. E) all of the above
At the profit-maximizing level of output, demand is
A) completely inelastic. B) inelastic, but not completely inelastic. C) unit elastic. D) elastic, but not infinitely elastic. E) infinitely elastic.
The homoskedastic normal regression assumptions are all of the following with the exception of:
A) the errors are homoskedastic. B) the errors are normally distributed. C) there are no outliers. D) there are at least 10 observations.
If the price of good X (measured on the horizontal axis of a budget line diagram) increases at the same time that the price of good Y (measured on the vertical axis) increases, the budget line
a. will necessarily become steeper b. will necessarily become flatter c. will remain unchanged d. will shift outward in a parallel fashion e. could become either steeper or flatter, depending on the sizes of the price changes