In the 1950s, crude oil and natural gas imports were restricted to keep the domestic industries viable in case of a war. The rationale for this protection is the ________ argument for protection
A) save domestic jobs
B) national security
C) anti-dumping
D) infant-industry
E) penalizing lax environmental standards
B
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The cost-minimizing rule is that a firm should utilize inputs such that the marginal physical product of an input divided by the price of the input is the same for all inputs. This is also the profit-maximizing rule because
A) we obtain the profit-maximizing rule by multiplying each ratio by the marginal revenue produced. B) we obtain the profit-maximizing rule by multiplying each ratio by the product price, which is the same for each input. C) the profit-maximizing rule is just the inverse of the cost-minimizing rule. D) they are exactly the same.
Living in a world of scarcity involves trade-offs
a. True b. False Indicate whether the statement is true or false