Canada is a major world producer and exporter of wheat and a great percent of its GDP is derived from this one good. The Canadian parliament may vote to restrict trade and justify its restrictions using the
a. cheap foreign labor argument
b. antidumping argument
c. national security argument
d. infant industries argument
e. diversity of industry argument
E
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The opportunity cost of producing one more unit of a good is calculated by dividing the
A) total quantity of the other good by the total quantity of the good whose opportunity cost we're calculating. B) decrease in the quantity of the other good by the increase in the quantity of the good whose opportunity cost we're calculating. C) price of the good whose opportunity cost we are calculating by the number of units of the other good that are forgone. D) total quantity of that good by the total quantity of other good. E) increase in the quantity of that good by the decrease in the quantity of other good.
Suppose a perfectly competitive market is in long-run equilibrium. If there is a permanent increase in demand,
A) at least in the short run, some firms will increase their output. B) at least in the short run, the price will increase initially. C) new firms will enter the market. D) All of the above answers are correct.
Because _____ has two official languages (French and English), it is one of the world's leaders in multiculturalism and government policy
a. Belgium b. Canada c. France d. Ghana
Which of the following economies has the largest multiplier?
A. Economy A with an MPS of 0.08 B. Economy B with an MPS of 0.12 C. Economy C with an MPC of 0.94 D. Economy D with an MPC of 0.70