When decision makers have time to fully adjust to changes in the overall price level, we refer to this as:
What will be an ideal response?
the long run.
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For infant industry tariff protection to be valid requires that
A) the tariff must be allowed to last forever. B) only industries that currently are producing efficiently should be protected. C) government officials must predict which industries will eventually be able to compete with more established foreign producers. D) the industries protected must have substantial monopoly power in the absence of foreign competition.
The additional utility gained from consuming an additional unit of a good is called:
A. marginal utility. B. total utility. C. costly utility. D. a util.
Which of the following correctly ranks personal consumption, government consumption and investment, and nonresidential investment in order from greatest to least for the U.S. in 2015?
A. Government consumption and investment, nonresidential investment, personal consumption B. Personal consumption, nonresidential investment, government consumption and investment C. Personal consumption, government consumption and investment, nonresidential investment D. Government consumption and investment, personal consumption, nonresidential investment
Entrepreneurs reveal
A) things that the market knew. B) things that the market did not know. C) things that the government knew. D) things that were previously known.