A problem encountered when implementing an "infant industry" tariff is that
A) domestic consumers will purchase the foreign good regardless of the tariff.
B) the industry may never "mature."
C) most industries require tariff protection when they are mature.
D) the tariff may hurt the industry's domestic sales.
E) the tariffs fail to protect the domestic producers.
B
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Which of the following would be counted in U.S. GDP?
a. A new U.S.-produced radio bought by a Japanese citizen living in Kyoto b. A used U.S.-produced computer bought by a French citizen living in Kansas c. A new Japanese radio bought by a U.S. citizen in Rhode Island d. A U.S. pianist's concert sales in Britain e. Stock in Microsoft Corporation bought by a Russian citizen
The total value of all final goods and services produced in the economy during a given year, measured in current market prices, is
a. gross national product b. gross domestic product c. net national income d. economic growth e. aggregate demand