Which of the following arguments for protection is derived from the fact that funding of public goods in some countries is difficult given little or no means to collect income or sales taxes?
A. The developing government argument
B. The national defense argument
C. The infant industry argument
D. The dying industry argument
Answer: A
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In a centrally planned economy, the concept of marginal cost
A) is important if planners want to achieve their objectives at the lowest possible cost. B) is irrelevant because resources can be obtained by government decree. C) is irrelevant because socialist firms do not have to earn profits. D) is irrelevant if industries can be subsidized.
A speculator who incorrectly anticipates the future
A) cannot inflict a loss on others because one person's loss must be someone else's gain. B) incurs a personal loss but benefits everyone else. C) inflicts a loss on others and incurs a personal loss. D) makes a personal profit but inflicts a loss on others.
In the Keynesian cross diagram, a decline in autonomous consumer expenditure causes the aggregate demand function to shift ________ and the equilibrium level of aggregate output to ________, everything else held constant
A) up; rise B) up; fall C) down; rise D) down; fall
By 1774, the Southern colonies'
(a) share of total colonial wealth was the lowest. (b) wealth per capita was the highest. (c) land contributed very little to total wealth. (d) depended heavily on immigrant labor.