Protectionism is
a. the belief that a nation's industries should be protected from foreign competition
b. the belief that a nation's consumers should be protected from foreign competition
c. based on the idea that economies of scale are important
d. consistent with absolute advantage, but not with comparative advantage
e. the favored approach of pro-trade groups
A
You might also like to view...
Marginal profit is the additional profit that accrues to the firm when the output rises by one unit.
Answer the following statement true (T) or false (F)
If two goods are substitutes, then a(n)
a. increase in the demand for one of them will cause its price to fall b. increase the supply of one of them will cause its price to rise c. increase in the price of one of them will cause the demand for the other to increase d. increase in the price of one of them will cause the supply of the other to increase e. decrease in the price of one of them will cause the demand for the other to increase
If revenue is less than ________, profit is ________.
A. total fixed cost; positive B. total cost; negative C. total cost; positive D. total variable cost; zero
The Bureau of Labor Statistics periodically updates the base year in the CPI because
a. nominal GDP changes over time b. of changes in the importance of goods in the consumer basket c. real GDP changes over time d. the GDP deflator is periodically updated e. prices change over time