Domestic producers require time to gain experience and lower their unit costs; this will allow these producers to compete successfully in international markets. This statement describes the ________ argument for protectionism
A) diseconomies of scale
B) protecting national security
C) anti-dumping
D) infant industry
Answer: D
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What is the free-rider problem, and how is it related to public goods?
What will be an ideal response?
When money is used to compare the costs of different goods and services, it is functioning as
a. a unit of account b. a means of payment c. fiat money d. a store of wealth e. legal tender
In the 1945 ALCOA antitrust case, the Court found ALCOA
a. not guilty of violating the Sherman Act because it was a good monopoly b. did not have a good reason for having a large market share, so found it guilty c. guilty because its firm size was a per se violation of antitrust laws d. not guilty because it did not engage in any illegal or unfair acts e. was no threat to industrial democracy
If we compare the Baby Boom generation of workers to the number of workers who came before and will come after them, we realize that, all other things equal, the Baby Boomer's labor:
A. demand will be relatively lower at any wage. B. demand will be relatively greater at any wage. C. supply will be relatively lower at any wage. D. supply will be relatively greater at any wage.