Which of the following is an infant-industry argument in favor of restrictions on foreign trade?
a. Foreign producers must be stopped from selling their products in this country below cost of production.
b. Domestic workers must be protected from the lower wages paid in foreign countries.
c. The nation's security demands we ensure an adequate domestic supply capacity of certain products.
d. Do unto others as they do unto you.
e. Industries in the early stages of development must be protected from more mature producers.
e
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A seller who continues to earn the same gross revenue from sales whether she raises or lowers her prices faces a demand curve that
A) contradicts the law of demand. B) is completely elastic. C) is completely inelastic. D) is unit elastic. E) is vertical.
If interest rates are to remain constant, the money supply should change: a. in the opposite direction to a change in aggregate demand. b. in the same direction as a change in money demand
c. only when investment changes. d. only when the demand for money decreases. e. only when the inflation rate changes.
In 2009, the imaginary nation of Mainland had a population of 7,000 and real GDP of 210,000 . In 2010 the population was 7,300 and real GDP of 223,380 . Over the year in question, real GDP per person in Mainland grew by
a. 2 percent, which is high compared to average U.S. growth over the last one-hundred years. b. 2 percent, which is about the same as average U.S. growth over the last one-hundred years. c. 4 percent, which is high compared to average U.S. growth over the last one-hundred years. d. 4 percent, which is about the same as average U.S. growth over the last one-hundred years.
Accumulated over a long span of time, the tax rate on interest income
a. removes all benefits from saving. b. reduces the benefits from saving by a small amount. c. reduces the benefits from saving by a large amount. d. does nor reduce any of the benefits from saving.