Protection of new products from global competition is known as
A) the infant-industry argument.
B) dumping.
C) a quota.
D) protection of domestic jobs.
Answer: A
You might also like to view...
Activists believe that postwar instability is primarily the result of
A) erratic growth of private investment. B) uneven changes in real government expenditures. C) uneven changes in private consumption of durables. D) A and C are both correct.
A third party is a person, or persons, who:
a. consume goods produced from at least two intermediate inputs. b. avoids the transactions of the two principal parties. c. takes risks to avoid externalities. d. internalizes the costs of market failure. e. is imposed upon by the activity of others.
You are considering staying in college another semester so that you can complete a major in economics. In deciding whether or not to stay you should
a. compare the total cost of your education to the total benefits of your education. b. compare the total cost of your education to the benefits of staying one more semester. c. compare the cost of staying one more semester to the benefits of staying one more semester. d. compare the total benefits of your education to the cost of staying one more semester.
It's not likely that a country will specialize completely in one good even if it has a lower opportunity cost because
A. Comparative advantage is not a workable concept in the world economy. B. Opportunity costs increase as more of a good is produced. C. The country would end up inside its production possibilities curve. D. The country would want to save some of the good for its own citizens.