The infant industry argument for protection makes sense if the infant industry is
A. able to compete against foreign firms now, but not in the future.
B. not able to compete against foreign firms now, but will be able to in the future.
C. not be able to compete now or in the future.
D. able to compete now and in the future.
B. not able to compete against foreign firms now, but will be able to in the future.
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The U.S. demand for foreign cars has increased dramatically since the early 1900s because
(a) Americans perceive foreign cars as lower quality cars than U.S.-produced cars. (b) foreign producers are manufacturing relatively fuel-efficient cars. (c) U.S. consumer demand for large, fuel inefficient cars has increased. (d) of all of the above reasons.
What is the relationship between price elasticity of demand and the monopolist's revenue?
a. marginal revenue is maximized where demand is unit elastic. b. average revenue is maximized where demand is unit elastic. c. marginal revenue is negative where demand is inelastic. d. average revenue is negative where demand is inelastic. e. marginal revenue is lowest where demand is unit elastic.
A tax where wealthy people pay a larger percentage of their income than poor people is known as a(n)
a. excise tax b. flat tax c. proportional tax d. progressive tax e. regressive tax
Factory buildings are an example of:
A. entrepreneurial capital. B. social capital. C. human capital. D. physical capital.