The argument that with initial protection an industry will eventually become competitive is called the
A. strategic bargaining argument.
B. the trade adjustment assistance argument.
C. infant industry argument.
D. national security argument.
Answer: C
Economics
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Suppose a 4 percent increase in price results in a 2 percent increase in the quantity supplied of a good. Calculate the price elasticity of supply and characterize the product
A) 2; The product is elastic. B) 0.5; The product is inelastic. C) 0.2; The product is inelastic. D) 50%; The product is inelastic.
Economics
The statement "other things being equal" in the law of demand means all of the following remain constant EXCEPT
A) consumer income. B) the price of the good concerned in the law of demand. C) the prices of substitutes. D) tastes and preferences.
Economics