One problem with the infant industry argument is that
A) the protection is typically never removed, creating a domestic monopoly.
B) it fails to protect domestic industries from foreign competition.
C) it must be approved by the IMF and the World Bank.
D) it must be approved by the Federal Reserve Board.
Answer: A
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The optimal level of pollution occurs where the marginal social benefit is equal to
a. marginal private cost, which equals marginal social cost plus marginal external cost b. marginal social cost, which equals marginal private cost plus marginal external cost c. marginal external cost, which equals marginal private cost plus marginal social cost d. marginal private cost, which equals marginal social cost plus marginal internal cost e. marginal social cost, which equals marginal private cost plus marginal internal cost
GDP that has been adjusted for changes in the price level is called: a. nominal GDP
b. real GDP. c. personal income. d. net GDP.