________ states that when an established domestic industry is in jeopardy of being displaced by lower-priced imports, then there could be a rationale for temporary import restrictions
a. The infant industry argument
b. The antidumping argument
c. The jobs and income argument
d. The declining industry argument
d
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If real wages fall:
A) consumer demand is likely to increase. B) employers are likely to hire more workers. C) the level of economic production will always increase. D) the level of economic production will always decrease.
If nation-states are able to extend effective control over ocean resources from 3 miles to 200 miles off their coasts, valuable marine animals are more likely to be harvested
A) at a rate consistent with their long-run preservation. B) at a rate inconsistent with their long-run preservation. C) too rapidly for maximum net benefit. D) too slowly for maximum net benefit. E) up to the point of extinction.
A person's wealth is the same as his income
Indicate whether the statement is true or false
What is one implication of the real-balance effect?
A) The part of your wealth that you hold in the form of cash loses some of its value as the price level rises. B) When the price level rises, people have an incentive to work harder in order to earn a higher income. C) When the price level falls, most consumers reallocate their spending so as to have an equal balance between necessities and luxuries. D) Aggregate demand and aggregate supply can never reach long-run equilibrium.