Which of the following arguments contends that certain industries need to be protected in the interest of national security?
A. The increased domestic employment argument.
B. The cheap foreign labor argument.
C. The diversification-for-stability argument.
D. The military self-sufficiency argument.
D. The military self-sufficiency argument.
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Corporate profits are taxed by state and local governments, but not by the federal government
Indicate whether the statement is true or false
Which of the following statements is not characteristic of a perfectly competitive industry in long-run equilibrium?Ceteris paribus, there is no tendency for firms to either enter or exit the industry. a. A profit-maximizing firm may produce any output level at which P < LRATC. b. Every firm produces at an output level at which MC = LRATC
c. Ceteris paribus, there is no tendency for firms to either enter or exit the industry. d. No firm earns an economic profit.