A program of protection that results in preserving jobs in certain industries
A. raises average productivity in all sectors of the economy.
B. does so at very high cost to consumers of the products from those industries.
C. is an efficient way to preserve employment and is cheaper than other forms of maintaining full employment.
D. is an effective way of encouraging innovation and improvement in production.
Answer: B
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What is the NAIRU?
A) the nongovernmental agency of inflationary rate unions B) the new accrual index of real unemployment C) the nonaccelerating inflation rate of unemployment D) the natural accelerating inflation rate of unemployment
Direct expenditure offsets are
A) the discretionary changing of government expenditures to achieve a higher employment level. B) the decrease in planned investment that occurs as the result of an increase in interest rates. C) the same as the Ricardian equivalence theorem. D) the decrease in spending in the private sector in areas in which the government is competing.
The absolute value of the? short-run elasticity of demand for bread has been estimated to be 0.15. Its? long-run elasticity of demand is
A. 0.15. B. uncertain without more information. C. more than 0.15. D. less than 0.15.
Graph I below shows E.T.'s equilibrium choices of beer and candy for three different prices of beer. (I1, I2, and I3 are indifference curves. The price of a package of candy is constant at $1.00.) Letting PC represent the price of beer, which demand curve (d) above is consistent with graph I?
A. Graph A
B. Graph B
C. Graph C
D. Graph D