Which of the following is NOT one of the four main arguments in favor of import-substituting industrialization (ISI)?
A. The argument of using cheap and convenient market information
B. The infant industry argument
C. The argument of using skilled labor
D. The developing government argument
Answer: C
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Is the developing world moving toward centralized planning or free markets? Justify your answer
What will be an ideal response?
Steel producers in the United States observe that foreign sales of U.S. steel has drastically declined due to stringent trade policies adopted by the foreign governments and unfair treatment of U.S. steel exports in foreign countries. The lobbying efforts of such loss making U.S. steel manufacturers induce the domestic government to restrict the entry of imported steel and help stimulate the
sales of domestically produced steel. Which of the following tariffs is most similar to the example mentioned above? a. A tariff imposed by the government to stimulate domestic production of a high-technology good with positive spillover effects b. A tariff imposed by the government on the import of cotton textiles because it is an infant industry in the domestic country c. An import tariff applied against a foreign monopoly supplying the domestic market d. Tariffs imposed by the government on an import competing industry that generates a negative production externality e. Reciprocal tariffs introduced by the government of a country as a call for fair trade
A good economic theory is always more useful when it includes detailed facts, even if the facts are not relevant to the questions being investigated
a. True b. False Indicate whether the statement is true or false
A point outside a production possibilities curve reflects
a. efficiency b. specialization c. inefficiency d. unemployment e. an unattainable choice