Question 50 (2 points) The infant industry argument says that Question 50 option

Question

Question 50 (2 points)

The infant industry argument says that

Question 50 options:

tariffs should be imposed to allow a new industry in a country to get established.

imports should target new products from other countries to take advantage of the transmission of new ideas.

dumping should be allowed in order to establish a presence of an industry that has previously not had a presence in another country.

countries should produce and trade goods according to their comparative advantage.

Today, in the United States, imports are over

15 percent of GDP.

8 percent of GDP.

1 percent of GDP.

4 percent of GDP.

Investment in human capital

is just like investment in physical capital and has a return similar to that earned from other investments.

is just like investment in physical capital but has a much greater return than do other investments.

is quite different from and has a much lower return than investment in physical capital.

is not comparable to other investments in any way since human capital is embodied in the person.

Question 32 (2 points)

Much of a person's increased productivity can be linked to

Question 32 options:

the prevalent marginal tax rate.

the income elasticity of demand for the product.

the price elasticity of demand for the product.

on-the-job training.

Question 23 (2 points)

The U.S. labor movement started

Question 23 options:

with local craft unions composed of workers who engaged in a particular trade or skill, such as baking, carpentry or plumbing.

during the Civil War.

with the Knights of Labor, an organized group of both skilled and unskilled workers.

after World War I.

tariffs should be imposed to allow a new industry in a country to get established.

imports should target new products from other countries to take advantage of the transmission of new ideas.

dumping should be allowed in order to establish a presence of an industry that has previously not had a presence in another country.

countries should produce and trade goods according to their comparative advantage.

Today, in the United States, imports are over

Question 43 options:

15 percent of GDP.

8 percent of GDP.

1 percent of GDP.

4 percent of GDP.

Investment in human capital

Question 33 options:

is just like investment in physical capital and has a return similar to that earned from other investments.

is just like investment in physical capital but has a much greater return than do other investments.

is quite different from and has a much lower return than investment in physical capital.

is not comparable to other investments in any way since human capital is embodied in the person.

Question 32 (2 points)

Much of a person's increased productivity can be linked to

Question 32 options:

the prevalent marginal tax rate.

the income elasticity of demand for the product.

the price elasticity of demand for the product.

on-the-job training.

Question 23 (2 points)

The U.S. labor movement started

Question 23 options:

with local craft unions composed of workers who engaged in a particular trade or skill, such as baking, carpentry or plumbing.

during the Civil War.

with the Knights of Labor, an organized group of both skilled and unskilled workers.

after World War I.

Explanation / Answer

Answer 50:

Option A. It says that tariffs should be imposed on the imported items so that new industries are able to establish themselves. Tariff reduces competition for the infant domestic industries.

Answer 43:

Option A. in 2010, the imports were 16.3 per cent of GDP in United States ( World Bank).

Answer 33:

Option B. Investment in Human capital yields higher returns than investment in other resources like land, capital.

Answer 32:

Option D. Increased productivity of a person is linked to imparting on the job training to the employees so that they can improve their skills and enhance productivity while working simultaneously.

Answer 23:

Option C.

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