Explain the concept of "learning by doing" with respect to infant industry protection
What will be an ideal response?
Learning by doing refers to the knowledge and skills that workers gain during production. These skills and knowledge increase productivity and lower costs. Infant industries, those which are at an early stage of development, can benefit from learning by doing by becoming more productive and cost efficient, and in doing so become more competitive in the world market.
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Shaniq consumes only magazine and CDs. Her income equals $60 per month. CDs are $12 each and magazines are $5 each. What is the equation for her budget line?
A) $60 = Qm + QCD B) $60 = $12Qm + $5QCD C) 12 = -2Qm + 6 D) $60 = 12QCD + 5Qm
When the price level in the United States rises relative to the price level of other countries, ________ will rise, ________ will fall, and ________ will fall
A) net exports; exports; imports B) net exports; imports; exports C) exports; imports; net exports D) imports; exports; net exports