How was South Korea able to use infant industry protection successfully to start its car companies, when many countries experience negative results when they use infant industry protection?
a. The protection has never stopped.
b. The protection was so small it had no effect on the car companies.
c. The protection had a definite end, whether the infant industry grew or did not grow.
d. The protection had a large enough subsidy to make companies’ profitable.
c. The protection had a definite end, whether the infant industry grew or did not grow.
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How does the United States compare to other advanced, industrialized economies on the issue of openness?
A. The U.S. economy is completely closed. B. The U.S. economy is at the low end of openness. C. The U.S. economy is above average in openness. D. The U.S. economy is among the most open. E. The U.S. economy is the most open of any economy.
Your friend steals towels from hotels. She then tells you she steals because "many people steal, so hotels already figure the cost of the stolen towels into the hotel bill of all customers." From the economic point of view, your friend's logic i
A) correct, because what's fair is fair. B) correct, because economics champions such selfish behavior. C) impeccable. D) incorrect, because it suggests that cost determines price. E) incorrect, because it suggests that ethical positions can be derived from economic facts.
A final good is one that
A) is purchased as an input in the production process. B) is purchased by its final user. C) is a natural resource used to produce a good. D) is used in the production of another good.
In order for good X to be a likely candidate for offshoring, it must be produced with ______________ labor intensity and be a relatively ________________ good
A) low; light B) low; heavy C) high; heavy D) high; light