Protection of an infant industry should be withdrawn once that industry:
a. charges the same price as foreign competitors.
b. goes public on the stock exchange.
c. raises a large amount of sales revenue.
d. achieves sufficient size to compete with foreign firms.
e. earns enough profit as a result of the subsidies to remain in business.
d
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Butch's Barber Shop knows that it faces an elasticity of demand equal to 3.0 over the relevant range of its demand curve. A 1% increase in its price will do what to the number of haircuts demanded from Butch's Barber Shop?
a. It will increase by 0.33% b. It will increase by 3.0% c. It will decrease by 0.33% d. It will decrease by 3.0%
Which of the following is not one of the functions of the Federal Reserve?
A. clearing checks B. printing currency C. supervising and regulating banks D. controlling the money supply