Arguments in support of protectionism (and against free trade) include all of the following EXCEPT
A) new and troubled industries need to be protected until they acquire sufficient strength to compete equally against their foreign counterparts.
B) jobs at home should be protected from cheap foreign labor.
C) protectionism increase total domestic consumption possibilities.
D) national security interests require that nations retain the ability to produce vital materials at home and avoid dependence upon potential enemies.
C
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The difference between the nominal interest rate and the real interest rate is the
A) money growth rate minus the growth rate of real GDP. B) GDP growth rate. C) price level. D) inflation rate. E) unemployment rate.
Under the expenditure approach to GDP accounting, government purchases of goods and services include welfare payments
a. True b. False Indicate whether the statement is true or false