To be effective, infant industry protection requires
A) a national security externality.
B) to be extended indefinitely.
C) to be fair to existing producers.
D) a technology externality.
D
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Cost-of-living adjustments are
A) changes in the basket of goods used in calculating the CPI. B) automatic wage changes based on the CPI which are included in some union contracts. C) quality measurements included in the calculation of the CPI. D) averages of neighboring years' base prices used in constructing the CPI.
If an individual's indifference curve map does not obey the assumption of a diminishing MRS, then
a. the individual will not maximize utility. b. the individual will buy none of good X. c. tangencies of indifference curves to the budget constraint may not be points of utility maximization. d. the budget constraint cannot be tangent to an appropriate indifference curve.