The following are commonly-used arguments for protection against imports, except:
A. Self-sufficiency and diversification-for-stability
B. Protection against dumping
C. Infant industry protection
D. Price- and profit-maintenance
D. Price- and profit-maintenance
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Assuming all else equal, if households are optimistic about their future income, it is likely to cause a(n):
A) downward movement along their credit demand curve. B) upward movement along their credit demand curve. C) leftward shift of their credit demand curve. D) rightward shift of their credit demand curve.
Describe the main ideas of endogenous growth theory. What does it have to say about the role of government in economic growth?
What will be an ideal response?
If the utility function (U) between food (F) and clothing (C) can be represented as U = , the marginal utility of food
A) is not positive. B) does not diminish as food increases. C) is not affected by the amount clothing. D) increases as one obtains more clothing.
Scarcity refers to
A) a shortage in a good or service. B) the ability of society to consume all that it produces. C) the inability of society to satisfy all human wants because of limited resources. D) the inability of an individual to purchase a good or service due to her limited income.