U.S. industries like steel, computers, and energy need to be protected from foreign competition to ensure which of the following?
(A) The protection of these industries as they develop.
(B) The presence of these industries during a crisis.
(C) The incentive for these industries to become more efficient.
(D) The economic advantages caused by their production.
Ans: (B) The presence of these industries during a crisis.
You might also like to view...
What price does a monopoly charge when it perfectly implements a two-part tariff?
a. The simple monopoly price. b. The competitive price. c. A price higher than that charged by a simple monopoly. d. A price between the monopoly and competitive prices.
If producers incorrectly set the price of their product too high a:
A. shortage will result and consumers will bid the price down to equilibrium. B. surplus will result and excess goods in inventory will signal to producers to lower their prices. C. shortage will result and consumers will bid the price up to equilibrium. D. surplus will result and excess goods in inventory will signal the producers to restrict output until sales increase.
A surplus of a good means
a. there is an excess demand for this good b. the price is lower than its equilibrium level c. the quantity demanded exceeds the quantity supplied d. the quantity supplied is less than the quantity demanded e. there is an excess supply of the good
Contrast the actions the central bank of a country should take when an economy is in recession with production substantially below its potential gross domestic product (GDP) and those needed when an economy is producing in overdrive above potential GDP