Which of the following are arguments that have been and currently are used to justify protectionism?
(a) The infant industry argument
(b) Tariffs create lower profits, generate fewer jobs, and reduce wages in the U.S.
(c) Countries should not operate on the basis of comparative advantage.
(d) All of the above
(a)
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If a monopsonist increases its output by adding both capital and labor to production, which of the following will decline?
a. wage rate b. unemployment c. marginal cost of labor d. marginal physical product e. marginal revenue product
If the Fed raised the money supply growth by more than expected then the unemployment rate would _____ in the short run. Explain the process by which the economy moves to the long run if the Fed maintains the higher money supply growth rate
Fill in the blank(s) with correct word
JR Electronics hurries to sell off their tablet computers by offering a spring sale. Which of the following most likely caused this to happen?
a. The company expects the technology for producing tablet computers to become obsolete. b. The company expects the price of tablet computers to plummet. c. The company expects the price of tablet computers to soar. d. The company expects the technology for producing tablet computers to improve.
Which of the following statements about movement along the production possibilities
curve in the figure above is FALSE? A) An additional computer can be produced only if fewer televisions are produced. B) The trade—off between computers and televisions is not constant. C) Society cannot have more of both goods at the same time. D) There are no opportunity costs involved in choosing one point on the curve over all other points.