Briefly explain the national defense argument for the use of import barriers on goods that would be important in the case of a military emergency.
What will be an ideal response?
POSSIBLE RESPONSE: National defense is used as an argument for trade protectionist policies because the industries involved include defense-related companies and high-tech firms. The argument is that industries such as aerospace, advanced electronics, and semi-conductors are vital to the national defense of the country and that relying on foreign manufacturers would endanger the nation's defense in time of an emergency. The national defense argument for protectionism asserts that to ensure the nation's security, protection of defense-related manufacturing industries from foreign competition is necessary.
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Suppose the price levels in an economy in four successive years are 100, 120, 133, and 140 . Which of the following is true in such a case? a. The economy is experiencing hyperinflation
b. The economy is experiencing deflation. c. The economy is experiencing inflation. d. The economy is experiencing increasing inflation. e. The economy is experiencing disinflation.
In 1997, OPEC ministers agreed to a 10 percent increase in oil production. This decision should be expected then to shift the United States's a. AS curve to the right, which would raise the U.S. price level and lower real GDP in the U.S. b. AS curve to the right, which would lower the U.S. price level and raise real GDP in the U.S. c. AS curve to the left, which would lower the U.S. price
level and raise real GDP in the U.S. d. AD curve to the left, which would lower the U.S. price level and real GDP e. AD curve to the right, which would raise the U.S. price level and real GDP