The Chinese protected its automobile industry through restrictive tariffs and quotas. Which of the following BEST describes this practice?
a. antidumping duties
b. infant industry protection
c. voluntary export restraints
d. price discrimination
Ans: b. infant industry protection
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Which of the following can be considered an example of structural unemployment?
a. A recent graduate searching for his first job b. A ski instructor looking for a part-time job during summer c. An engineer looking for a new job after losing his job during a recession d. A typist looking for a new job as his skills are not needed in the current labor market
Ceteris paribus means
A. Holding constant the determinant of demand or supply that you are interested in examining. B. Changing prices to see how demand or supply shifts. C. Allowing the free market to decide, not government. D. Holding everything constant except for the variables you are interested in examining.