Briefly explain the national defense argument for the use of import barriers on goods that would be important in the case of a military emergency.
What will be an ideal response?
POSSIBLE RESPONSE: National defense is used as an argument for trade protectionist policies because the industries involved include defense-related companies and high-tech firms. The argument is that industries such as aerospace, advanced electronics, and semi-conductors are vital to the national defense of the country and that relying on foreign manufacturers would endanger the nation's defense in time of an emergency. The national defense argument for protectionism asserts that to ensure the nation's security, protection of defense-related manufacturing industries from foreign competition is necessary.
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The total tariff revenue to the government of an imported good is found by adding the tariff to the quantity of the good imported
a. True b. False Indicate whether the statement is true or false
Which of the following statements illustrates diminishing marginal utility?
a. An extra dollar of income to a poor person provides that person with more additional utility than does an extra dollar to a rich person. b. An extra dollar of income to a poor person provides that person with less additional utility than does an extra dollar to a rich person. c. An extra dollar of income to a poor person provides that person with the same additional utility as does an extra dollar to a rich person. d. An extra dollar of income to a poor person provides that person with the same total utility as does an extra dollar to a rich person.
In a typical 10-year period, about one in four families falls below the poverty line in at least one year. What percentage of families are poor for eight or more years?
Refer to the given table. Which of the following best represents the labor demand schedule for this firm?
| Employment | Total Product | Product Price |
| 0 | 0 | $3 |
| 1 | 12 | 3 |
| 2 | 22 | 3 |
| 3 | 30 | 3 |
| 4 | 36 | 3 |
| 5 | 40 | 3 |
| 6 | 42 | 3 |