Arguments for Protectionism
? Infant industry ? National security ? Employment ? Cheap foreign labor ? Free trade agreements
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Assume that the personal computer industry is perfectly competitive. The fact that the price of personal computers over the last decade has fallen despite increases in demand signifies that the industry is a decreasing-cost industry
Indicate whether the statement is true or false
Assume that as the wage rate rises a worker's substitution effect for leisure is larger than the income effect. We can conclude that in this region, the worker's
A) labor supply curve will be backward bending. B) labor supply curve will have the usual upward slope. C) labor supply curve will be completely inelastic. D) supply curve will be horizontal.
Purchasing power parity is criticized because it:
A. includes the trade in assets. B. uses the wrong basket of goods to compute purchasing power parity exchange rates. C. does not account for trade in assets. D. does not apply when exchange rates are flexible.
________ is (are) most likely a variable cost for a firm.
A. Monthly health insurance expenses for employees B. The monthly lease payment on a delivery truck that is leased for three years C. The plumbing company's annual licensing fee D. The quarterly payments for a two-year maintenance contract for copy machines