Which of the following is an infant industry argument in favor of restrictions on foreign trade?
a. Foreign producers must be prevented from exporting their goods below cost of production
b. Domestic workers must be protected from lower wages paid in foreign countries.
c. The nation's security demands we ensure an adequate domestic supply of certain strategic goods.
d. Do unto others as they do unto you.
e. Industries in the early stages of development must be protected from competing with the more mature producers.
E
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Assume the marginal propensity to consume (MPC) is 0.75 and the government increases taxes by $250 billion. The aggregate demand curve will shift to the:
a. right by $750 billion. b. left by $750 billion. c. left by $1,000 billion. d. right by $1,000 billion.
Farmers can plant either corn or soybeans in their fields. Which of the following would cause the supply of soybeans to increase?
A) an increase in the price of soybeans B) a decrease in the price of corn C) an increase in the demand for corn D) an increase in the price of soybean seeds
Hi Phi Sound Unlimited has a monopoly over the installation of surround sound systems. If Hi Phi Unlimited?s total revenue from installing 20 sound systems is $30,000 and its total revenue from installing 21 sound systems is $30,800, what is the marginal revenue of the twenty-first sound system?
A. -$1,500 B. -$700 C. $800 D. $1,467
Using the data in the above table, which worker at Jefferson's Cleaners has the highest marginal product?
A) the second B) the third C) the fourth D) the fifth