The Chinese protected its automobile industry through restrictive tariffs and quotas. Which of the following BEST describes this practice?
a. antidumping duties
b. infant industry protection
c. voluntary export restraints
d. price discrimination
Ans: b. infant industry protection
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Goods and services produced in the United States and sold in other countries are called
A) consumption goods and services. B) capital goods. C) government goods and services. D) export goods and services. E) import goods and services.
The Ricardian Equivalence says
A) whatever the level of government expenses, consumption is the same. B) whatever the timing of taxes, consumption is the same. C) higher government expenses reduce consumption. D) an increase in current consumption has to lead to a decrease in future consumption.
Which of the following describes the relationship between the change in inventories and aggregate expenditure?
a. Aggregate expenditure equals the change in inventories minus GDP. b. The change in inventories equals GDP divided by aggregate expenditures. c. Aggregate expenditures equals GDP divided by the change in inventories. d. Aggregate expenditures equals GDP minus the change in inventories. e. The change in inventories equals GDP multiplied by aggregate expenditure.
Which of the following is not correct? Using data from 2014,
a. immigrants (both legal and illegal) make up about 40 percent of the U.S. population. b. immigration lowers the earnings of native-born workers in the United States by about 1 to 3 percent. c. illegal immigrants make up about 5 percent of the U.S. workforce. d. today the largest percentage of immigrants come from Latin America and Asia, whereas in the 1950s and 1960s the largest percentage came from Europe.