Theoretically, a tariff imposed to protect an infant industry should be removed
a. within five years.
b. when the industry becomes sufficiently diversified.
c. when prices charged reflect production costs.
d. when the industry has matured.
d. when the industry has matured.
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Horizontal equity incorporates the notion that
A. those earning higher incomes should pay more in taxes. B. those earning equal incomes should pay the same in taxes. C. taxes paid should be unassociated with income levels. D. there should be no excess burden created by a tax.
If the marginal product of labor rises, the marginal cost of output
a. rises b. falls c. remains constant d. rises and then falls e. dampens
The instructors at College A are regularly late for their office hours. Based on a theory presented in the textbook, we would predict that the gap between the ______________student tuition and ___________equilibrium tuition is ___________ at College A
A) lower; higher; small B) higher; lower; small C) lower; higher; large D) higher; lower; large
The characteristics that money should have include:
A. portability, durability, and flexibility. B. durability, flexibility and stability. C. durability, portability, and non-homogeneity. D. scarcity, portability, and divisibility.