The infant-industry argument about tariffs argues that:
a. it is unfair to levy tariffs on items intended for use by infants.
b. tariffs should be levied on foreign products that compete with new domestic industries only in the short run.
c. if a newly established domestic industry can survive in the short run, a tariff should be levied to protect it from foreign competition in the long run.
d. permanent tariffs should be levied on foreign products that compete with those produced by newly established domestic industries.
b
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Which of the following activities is excluded from GDP, causing GDP to understate a nation's production?
A. The services of health care workers. B. The services of military personnel. C. The construction of new buildings. D. Goods and services produced in the underground economy.
What kind of costs remain the same regardless of the level of production?
A. Total B. Fixed C. Marginal D. Variable