The contention that specific sensitive domestic technologies must not be traded freely is
A. to protect domestic jobs.
B. a national defense concern.
C. the infant industry argument.
D. dumping.
Answer: B
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Which of the following statement(s) most likely describes the outcome of a change in price?
a. A change in the price of a good never causes the demand curve for that good to shift. b. A change in the price of a good never causes the demand or supply curve for that good to shift. c. A change in the price of a good never causes the supply curve for that good to shift. d. A change in the price of a good causes the demand and supply curves for that good to shift.
If the opportunity cost of producing wheat in Canada is four buffalo and the opportunity cost of producing wheat in the U.S. is two buffalo then we know that
a. Canada has both a comparative advantage and absolute advantage producing wheat b. Canada has a comparative advantage producing wheat c. the U.S. has an absolute advantage producing wheat d. the U.S. has both a comparative advantage and absolute advantage producing wheat e. the U.S. has a comparative advantage producing wheat
Which of the four categories of resources used in production would include farmable acreage, timber, and natural gas?
a. labor b. land c. capital d. costs
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.