The contention that tariffs should be imposed to protect from import competition an industry that is trying to get started is
A) a basic argument for free trade.
B) the infant industry argument.
C) dumping.
D) a voluntary restraint agreement.
Answer: B
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An open economy produces most of the goods and services that it needs, with few imports and exports.
Answer the following statement true (T) or false (F)
According to this Application, residents of Greece in 2015 ________ withdrawals of funds from their banks in order to hold ________ cash
A) decreased; less B) increased; more C) increased; less D) decreased; more
All firms maximize profits by producing an output level where marginal revenue equals marginal cost; for firms operating in perfectly competitive industries, maximizing profits also means producing an output level where price equals marginal cost
a. True b. False Indicate whether the statement is true or false
The basic coordinating mechanism in a free-market system is
A. the corporation. B. a central government authority. C. price. D. quantity.