The argument that it is necessary to protect a new industry to enable it to grow into a mature industry that can compete in world markets is known as the
A) national security argument.
B) diversity argument.
C) infant-industry argument.
D) environmental protection argument.
E) national youth protection argument.
C
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In the United States, the individual income tax is best described as a
a. regressive tax b. proportional tax c. flat tax d. progressive tax e. repressive tax
About two-thirds of the reduction in tariffs in the past 20 years comes from:
A. reforms by national governments changing their own policies or making agreements with each other. B. the work of the WTO, World Trade Organization. C. specific funding directed at encouraging trade through subsidies by the World Bank. D. None of these statements is true.
Suppose that when the price of oranges is $3 per pound, the quantity demanded is 4.7 tons per day and the quantity supplied is 3.9 tons. In this case:
A. excess supply will lead the price of oranges to rise. B. excess supply will lead the price of oranges to fall. C. excess demand will lead the price of oranges to fall. D. excess demand will lead the price of oranges to rise.
If real GDP has increased by 3 percent and nominal GDP has increased by 5 percent, then:
A. net factor income is 2 percent. B. inflation is 2 percent. C. depreciation is 2 percent. D. net exports are 2 percent.