William Safire argues that a unilateral free trade policy is a disaster if
A. the governments of the nations’ trading partners practice “helpfulism.”
B. infant industries are allowed to expire.
C. the national defense is endangered.
D. it hurts the poor.
Answer: A
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Suppose firms A and B each make T-shirts. Firm A's production function is q = L0.5K0.5. Firm B's production function is q = 1.2 ? L0.5K0.5
If the two firms each hire the same amounts of capital and labor, compare the two firms in terms of APL and MPL.
When the Fed sells bonds, bank reserves increase.
a. true b. false
Exhibit 8-2 Consumption function
As shown in Exhibit 8-2, saving occurs:
A. at 0 disposable income. B. between $0 and $4 trillion disposable income. C. at $4 trillion disposable income. D. at a disposable income greater than $4 trillion.
Industry Y is dominated by five large firms that hold market shares of 20, 25, 15, 10, and 25 percent. The four-firm concentration ratio for this industry is:
A. 70 percent B. 80 percent C. 85 percent D. 90 percent