The fact that U.S. national security depends upon what other nations spend on their national security means that
a. the U.S. may end up with less national security even if it devotes more resources to national security
b. the U.S. should devote fewer resources to national security
c. the U.S. should devote even more resources to national security than it considers desirable
d. the U.S. can never be secure
e. peace is an impossible dream
A
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Refer to the scenario above. If the government enforces a ban on Firm B, and asks Firm A to carry out all the production:
A) Firm A's marginal cost is likely to decrease, but its average cost is likely to increase. B) Firm A's marginal cost and average cost are likely to decrease. C) Firm A's marginal cost is likely to increase, but its average cost is likely to decrease. D) Firm A's marginal cost and average cost are likely to increase.
Quotas usually lead to larger deadweight losses than tariffs
Indicate whether the statement is true or false
Which of the following would cause a credit to the U.S. balance of payments?
a. a group of U.S. citizens goes to New Zealand for a vacation. b. General Motors pays a dividend to a citizen of Brazil. c. Lloyd’s of London makes an insurance payment to a U.S. resident. d. Russia cancels its purchases of U.S. wheat and buys wheat from Argentina.
The infant industry argument for protectionism is to block imports ______________ to give the infant industry time to mature before it starts competing on equal terms in the global economy.
a. for a limited time b. for a long time c. permanently d. never