"Protection" is designed to help
a. firms whose relative inefficiency does not permit successful competition with imports.
b. workers who have very high productivity, and cannot survive against low-paid foreign workers.
c. government that needs revenue from tariffs and quotas to cover government spending.
d. firms that are highly efficient, and cannot survive against low-price foreign imports.
a
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An official measure of money in the United States is M1, which includes the sum of
A) checkable deposits plus small time deposits. B) currency plus checkable deposits. C) currency plus credit card transactions. D) currency plus traveler's checks plus time deposits. E) currency plus traveler's checks plus checkable deposits plus small time deposits plus money market funds and other deposits.
In the short run, suppose average total cost is a straight line and marginal cost is positive and constant. Then, we know that:
A) marginal cost is less than average total cost. B) average total cost is positive and constant. C) average total cost equals marginal cost. D) A and B are correct. E) B and C are correct.