Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point E to Point B. This could be explained by
A. a change in society's preferences for hybrid cars versus motorcycles.
B. an increase in unemployment.
C. a reduction in unemployment.
D. an increase in economic growth.
Answer: A
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An increase in education and training
A) increases labor productivity. B) increases aggregate hours. C) decreases real GDP growth. D) increases the employment-to-population ratio.
The infant industry argument for protectionism suggest that an industry must be protected in the early stages of its development so that: a. firms will be protected from subsidized foreign competition
b. domestic producers can attain the economies of scale to allow them to compete in world markets. c. there will be adequate supplies of crucial resources in case they are needed for national defense. d. domestic unemployment will be reduced.