"More productive workers receive higher wages than less productive workers." This observation is a major flaw in which of the following arguments for protectionism?
a. The infant industry argument. b. The national security argument.
c. The employment argument. d. The cheap foreign labor argument.
d
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Use the following table to answer the next question.YearReal GDPPopulation2008$20,000200200940,000400201060,000400201170,000500In 2011 real GDP per capita equals ________.
A. $140 B. $7,000 C. $100 D. $70,000
In the short run, a firm that is operating at a loss has two options. These options are
A) to go out of business or declare bankruptcy. B) to reduce output or reduce its variable costs. C) to shut down temporarily or continue to produce. D) to adopt new technology or change the size of its physical plant.
In Figure 3-7 above, the multiplier is
A) 2. B) 0.2. C) 5. D) 2.5.
For a monopolist, when the price effect is greater than the output effect, marginal revenue is
a. positive. b. negative. c. zero. d. maximized.