National defense argument, infant industries argument, and declining industries argument are arguments in favor of trade restrictions
Indicate whether the statement is true or false
true
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Jerome has a "C" average in his philosophy course and a "B" average in his economics course. He decides to study an extra hour for his philosophy exam. This is an example of
A) ceteris paribus. B) caveat emptor. C) using assumptions to simplify. D) thinking at the margin.
A joint venture allows a foreign firm to easier adjust to a new market and often meet various institutional requirements
Indicate whether the statement is true or false
Which of the following equations defines marginal revenue product?
a. MRP = P times Q. b. MRP = total cost. c. MRP = total revenue minus total cost. d. MRP = MPP times price of the product.
Which of the following basic economic concepts most clearly provides the foundation for the long-run aggregate supply curve?
a. the law of demand b. the production possibilities curve c. the law of comparative advantage d. the law of diminishing marginal utility