The quantitative importance of U.S. protection of the domestic clothing industry is best explained by the fact that
A) this industry is an important employer of highly skilled labor.
B) this industry is an important employer of low skilled labor.
C) most of the exporters of clothing into the U.S. are poor countries.
D) this industry is a politically well organized sector in the U.S.
E) the technology involved is very advanced.
D
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If the Federal Reserve lowered the reserve requirements imposed on the banking industry, which of the following will most likely happen in the short run?
a. an increase in the demand for loanable funds, which will exert upward pressure on the interest rate b. an increase in the supply of loanable funds, which will exert downward pressure on the interest rate c. an increase in the unemployment rate d. a decrease in the rate of inflation
Which of the following is true of pure monopoly?
a. Monopoly expands the options available to consumers. b. Monopoly results in allocative inefficiency. c. Profits and losses induce firms to enter and exit from industries. d. Monopoly works well when governments regulate prices.