According to the infant industry argument for trade protectionism
A) new industries are capable of competing with established rivals.
B) trade barriers must be used to protect domestic workers.
C) new industries need to be shielded from competition in the early stages of learning by doing.
D) tariffs imposed to aid new industries should never be removed.
C
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Which of the following would be most likely to help the residents of a nation produce a larger output and consume a wide variety of products at economical prices?
a. imposition of tariffs on imported goods b. quotas that protect domestic businesses against foreign producers that pay workers low wages c. free trade d. exchange rate controls
When costs that vary with the level of output are divided by the output, you have calculated
a. total changing cost. b. total fixed cost. c. average fixed cost. d. average variable cost.