The infant-industry argument for protection is based on the idea of
A) learning-by-doing.
B) dumping.
C) absolute advantage.
D) quotas are the least harmful method of protecting domestic firms.
E) saving jobs in the U.S. economy.
A
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When the government controls the price of a product, causing the market price to be below the free market equilibrium price,
A) some consumers gain from the price controls and other consumers lose. B) all producers gain from the price controls. C) both producers and consumers gain. D) all consumers are better-off.
People often complain about price gouging after a disaster such as a hurricane. Suppose the government successfully prevented price increases due to the disaster. We would expect
A) reconstruction to take longer because the quantity supplied of new materials would increase more slowly. B) reconstruction to take less time because the demand for materials would increase faster. C) reconstruction never to occur. D) reconstruction to take less time because the government could rebuild more quickly when people are not in the way.
Which of the following statements best describes the reason for the large migration of African-Americans from the south to the north during the 1920s?
a. This movement was just a continuation of the same trend that had been occurring in large scale since the end of the Civil War. b. African-Americans moved north to reunite families that had been divided during the many years of slavery. c. The African-Americans who had worked in the south had mostly been employed in the manufacturing sector, which suffered a downturn in the 1920s. d. Employers in the North who had traditionally hired European immigrants had to search elsewhere when immigration restrictions were imposed.
The U. S. Postal Service historically has had a monopoly over the market for the delivery of first-class letters in the United States
a. True b. False Indicate whether the statement is true or false