Protectionism achieves which of the following goals?
A. Protection of infant industries.
B. Greater consumption possibilities through greater specialization.
C. Protection of absolute advantage.
D. Protection of comparative advantage.
Answer: A
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If the economy is characterized by constant returns to scale, then a
A) doubling of inputs will lead to a more than two-fold increase in output. B) doubling of inputs will lead to a constant output. C) doubling of inputs will lead to a two-fold increase in output. D) doubling of inputs will lead to a less than two-fold increase in output.
We say that a business is operating at peak efficiency when its __________ is held to a minimum.
A. average total cost B. average variable cost C. marginal cost D. price
When the U.S. debt-to-GDP ratio has fallen, it has generally been because:
A. the budget deficit rose. B. income rose. C. income fell. D. the budget deficit fell.
From the late 1980s to 2000, the natural rate of unemployment
A. held constant. B. fluctuated up and down, following the path of the actual rate of unemployment. C. climbed sharply. D. gradually declined.