In some years government receives less in Social Security taxes than it pays out in Social Security benefits, in which case it makes up the difference by drawing from its trust fund

Explain with examples the reasoning behind the positive slope of the LRAC curve at higher levels of output

The infant industry argument is that:

a. those industries that produce products for infants should be protected. b. developing industries should be allowed to face foreign competition. c. protectionism should be used to create a level playing field for the domestic firms to compete with foreign firms. d. protectionism promotes complete specialization in the country on the basis of comparative advantage. e. new industries should be protected from foreign competition until they have had adequate time to develop.