Which of the following is a partially valid economic argument for restricting free trade?
a. Restrictions on foreign trade will increase employment and permanently reduce unemployment.
b. Infant industries may need temporary protection to develop and gain productive efficiency.
c. A nation needs to protect its national defense; hence, it should restrict some products that threaten an industry considered vital to its defense.
d. Both b and c are correct.
D
Economics
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At full-employment GDP,
A) the long-run aggregate demand curve is horizontal. B) the long-run aggregate demand curve is vertical. C) the long-run aggregate supply curve is horizontal. D) the long-run aggregate supply curve is vertical.
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When prices are falling, economists say that there is
a. disinflation. b. deflation. c. a contraction. d. an inverted inflation.
Economics