Arguments in support of protectionism (and against free trade) include all of the following EXCEPT
A. new and troubled industries need to be protected until they acquire sufficient strength to compete equally against their foreign counterparts.
B. national security interests require that nations retain the ability to produce vital materials at home and avoid dependence upon potential enemies.
C. jobs at home should be protected from cheap foreign labor.
D. protectionism increases total domestic consumption possibilities.
Answer: D
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All of the following are automatic stabilizers EXCEPT
A) the federal income tax system. B) welfare payments. C) discretionary tax cuts. D) unemployment compensation.
The demand for steak is _______________________ than is the demand for food because _____________________.
A. less price elastic; the scope of the market for steak is more broadly defined B. more price elastic; the scope of the market for steak is more broadly defined C. less price elastic; the scope of the market for steak is less broadly defined D. more price elastic; the scope of the market for steak is less broadly defined
Supply curves usually slope upward because producers face increasing opportunity costs when increasing output
a. True b. False
For a progressive tax the
A. average tax rate exceeds the marginal tax rate as income rises. B. marginal tax rate declines as income increases. C. average and marginal tax rates are equal. D. marginal tax rate exceeds the average tax rate as income rises.