Protection of new products from global competition is known as
A) the infant-industry argument.
B) dumping.
C) a quota.
D) protection of domestic jobs.
A
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Which of the following statements about profit maximizing firms in a competitive market is FALSE?
A) Firms earn no economic profit in the long run. B) Marginal revenue does not have to equal marginal cost. C) p - MC = 0. D) Price equals marginal revenue.
The Book Nook reduces prices by 20%. If the dollar value of The Book Nook's sales remain constant, it indicates that: a. the quantity of books sold remains constant. b. the demand curve is horizontal
c. the demand curve is vertical. d. the quantity of books sold increases by 20%.
Most economists agree that the focus of fiscal policy is to
a. plan the economy. b. balance aggregate demand and aggregate supply. c. balance the federal budget. d. balance environmental needs and resources.
If the United States increased its budget deficit, and it is at or near full employment, the most likely effect is to crowd
a. in investment and crowd out net exports. b. out investment and crowd in net exports. c. in investment and crowd in net exports. d. out investment and crowd out net exports.