Which of the following is not an argument used in favor of protectionism?
a. To preserve national security.
b. To reduce prices paid by domestic consumers.
c. To protect against "unfair" competition because of cheap foreign labor.
d. To protect an "infant" industry.
e. To protect domestic jobs.
b
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Use the NBER data in Table 8.1 in the textbook on U.S. business cycle turning points to calculate:
a) the shortest business cycle from peak to peak; b) the shortest business cycle from trough to trough; c) the longest business cycle from peak to peak; and d) the longest business cycle from trough to trough.
Suppose a production possibilities frontier (PPF) has been plotted on a graph. If the horizontal axis of the graph measures the output of capital goods and the vertical axis measures the output of consumer goods, then a point outside the PPF represents: a. a smaller quantity of consumer goods than that represented by a point inside the PPF. b. an inefficient output combination of the two goods
in the economy. c. an unattainable output combination of the two goods in the economy. d. an output combination of more consumer goods than capital goods. e. a smaller quantity of capital goods than that represented by a point inside the PPF.