If the executives of the U.S. silicon-chip industry lobby Congress for protection from imports on the grounds that theirs is a new industry that needs time to develop technological efficiency, they are using the:
A) environmental standards argument.
B) infant industry argument.
C) cheap foreign labor argument.
D) national security argument.
Ans: B) infant industry argument.
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According to the equation of exchange, if the money supply is $800 million, real GDP is $3,000 million, and nominal GDP is $4,000 million, then the velocity of money is equal to:
a. 3.5. b. 1.7. c. 10.3. d. 5. e. 2.
. Saturday afternoon you can either attend a street festival, work and earn $100, or study for your midterm exam. You flip a coin between the street festival and studying, but did not really consider working. The coin flip determined that you would stay home and study. The opportunity cost of the time spent studying includes:
A. the loss of $100 worth of wages and going to the street festival. B. earning a high score on your midterm. C. the benefit that could have been received at the street festival. D. The time you spent deciding upon using a coin flip to determine your Saturday afternoon activity.