Infant-industry protection requires some segment of the economy to incur the higher costs when local production is inefficient.
a. true
b. false
a. true
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In the above figure, the intersection of curves A and B is the point at which
A) average total cost is minimized. B) average variable cost is minimized. C) average fixed cost is minimized. D) total product is maximized.
The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for cod, a common resource. A quota to prevent the overuse of the cod sets the catch equal to ________
A) 0 tons per week B) 300 tons per week C) 400 tons per week D) None of the above answers is correct.
Open market purchase will result in:
A) increase in bank reserves and a decrease in the federal funds rate. B) increase in bank reserves and an increase in the federal funds rate. C) decrease in bank reserves and a decrease in the federal funds rate. D) decrease in bank reserves and an increase in the federal funds rate.
Which of the following is the best example of the "command" process?
A) United Airlines buys Northwest Airlines. B) Striking auto workers force General Motors to shut down its factories. C) Banks raise their fees on late payments by credit card holders. D) The FCC requires local telephone companies to provide access to their local networks before being able to offer long distance service.