Which of the following is a partially valid economic argument for restricting free trade?
a. Restrictions on foreign trade will increase employment and permanently reduce unemployment.
b. Removal of restrictions that have existed for years will initially cause inflation.
c. Infant industries need permanent protection to develop and gain productive efficiency.
d. A nation needs to protect industries that are vital to national defense in case of future international conflict.
d
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Because economic profits are eliminated in the long run in monopolistic competition, to earn an economic profit firms continuously
A) shut down. B) exit the industry. C) innovate and develop new products. D) declare bankruptcy. E) decrease their costs by decreasing their selling costs.
During a primary election, Candidate A receives 45% of the vote, Candidate B receives 30%, and Candidate C receives 25%. This situation illustrates which of the following?
a. A voting cycle b. Partisan politics c. The electoral college d. The median voter result
In the Keynesian range, the:
a. Aggregate supply curve is horizontal. b. Aggregate demand curve is vertical. c. Aggregate demand curve is horizontal. d. Aggregate demand is downward-sloping. e. Aggregate supply is upward-sloping.
In determining the number of persons who are poor in the U.S. when calculating family income
A. only earnings are counted. B. only earnings are counted, while cash transfers from the government are excluded. C. money income, including cash transfers received from the government, is counted. D. both earnings and the value of medical services, food stamps, and housing received are counted.