Which of the following is the prime objective of an industrial policy for any country?
a. To secure a leading global role for selected domestic industries
b. To promote and encourage the import of goods and services
c. To secure the interests of migrant workers
d. To encourage specialization of labor
e. To ensure a high level of competition for domestic firms
a
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Why is oligopoly likely to be present in industries that see significant positive network effects?
What will be an ideal response?
Specialization can occur because
A. governments pass laws that require it. B. varying skills differentiate workers. C. managers and laborers share job tasks. D. absolute advantage creates specialization among laborers.
Recession is the opposite of
A) economic growth. B) economic decay. C) stagflation. D) inflation. E) deflation.
In terms of production possibilities curves, the benefits of trade between two nations are that each nation moves to a higher:
a. standard of living. b. consumption possibilities combination. c. both a and b. d. neither a nor b.