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Chris M.
Chris M., M.S.W. Social Work
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Experience:  Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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7. The least applicable argument for protection of U.S. industry

Customer Question

7. The least applicable argument for protection of U.S. industry against foreign competition is the __________ argument. (Points: 5)
national security
infant industry
low wage
employment


8. A balance-of-trade surplus exists: (Points: 5)
if the dollar value of exports exceeds the dollar value of imports.
if the dollar value of imported capital exceeds the dollar value of exports.
only if there is relative price inflation domestically.
only if full employment exists domestically.


10. Which statement is FALSE? (Points: 5)
If the U.S. can produce rice more efficiently than Japan can, the U.S. enjoys an absolute advantage.
Economists dislike both tariffs and import quotas.
Under the law of comparative advantage, total output is greatest when each product is made by the country that produces it most efficiently.
No nation will engage in trade with another nation unless it will gain by that trade.

12. Which statement is true? (Points: 5)
The U.S. is both the world's leading creditor nation and the leading debtor nation.
The U.S. is neither the world's leading creditor nation nor the world's leading debtor nation.
The U.S. is the world's leading creditor nation and not the world's leading debtor nation.
The U.S. is the world's leading debtor nation and not the world's leading creditor nation.

16. If we were on an international gold standard: (Points: 5)
inflation would be eliminated.
recessions would be eliminated.
trade deficits and surpluses would be eliminated.
no nation would ever have to devaluate its currency.
19. Depreciation of the dollar relative to the yen means that the: (Points: 5)
dollar price of the yen has fallen.
yen prices of Japanese goods have increased to the Japanese.
dollar prices of imported goods from Japan have increased.
yen are less expensive to Americans.


20. Under a system of freely flexible (floating) exchange rates an American trade deficit with Mexico will tend to cause: (Points: 5)
the United States government to ration pesos to American importers.
a flow of gold from the United States to Mexico.
an increase in the peso price of dollars.
an increase in the dollar price of pesos.
Submitted: 2 years ago.
Category: Homework
Expert:  Chris M. replied 2 years ago.

Hello, and thanks for the question.

 

7. national security

8. if the dollar value of exports exceeds the dollar value of imports

10. Under the law of comparative advantage, total output is greatest when each product is made by the country that produces it most efficiently.

12. The U.S. is the world's leading debtor nation and not the world's leading creditor nation.

16. inflation would be eliminated.

19. dollar prices of imported goods from Japan have increased.

20. an increase in the dollar price of pesos.

 

Hope this helps!

 

Customer: replied 2 years ago.

hi chris i already answered those questions ..thanks any way ..but i might need help with those ones

 

Expert:  Chris M. replied 2 years ago.

Hello Customer,

 

No problem. Speak to you soon!

Customer: replied 2 years ago.
hello u there
Expert:  Chris M. replied 2 years ago.
Yes, I'm online. Do you have a question?
Customer: replied 2 years ago.

 

please can i have these questions answered

1. The predecessor to the AFL was the: (Points: 5)
Teamsters Union.
Knights of Labor.
CIO.
The International Workers of the World.


2. The __________ Act allows states to enact "right-to-work" laws. (Points: 5)
National Labor Relations
Taft-Hartley
Landrum-Griffin
Sherman Antitrust


3. An industrial union would be organized among a group such as: (Points: 5)
air traffic controllers.
plumbers.
airline pilots.
steel workers.


4. When a firm exercises monopsony power: (Points: 5)
the firm increases its profits at the expense of its workers.
workers gain but the firm loses.
workers, consumers, and owners of the firm are made better off.
both the firm and the workers gain.


5. Which statement is true with respect to the two basic ways that unions have of exerting power? (Points: 5)
Only inclusion leads to higher wages.
Only exclusion leads to higher wages.
Both inclusion and exclusion lead to higher wages.
Neither inclusion nor exclusion leads to higher wages.


6. A monopsony is: (Points: 5)
the seller of a product for which there are no close substitutes.
the buyer of a product for which there are no close substitutes.
both the seller and buyer of a product for which there are no close substitutes.
neither the seller nor buyer of a product for which there are no close substitutes.


7. Collective bargaining agreements in the United States generally: (Points: 5)
are negotiated for only a 1-year period.
are very detailed and specify wages levels and fringe benefits for a period of 2-3 years.
cover wages only.
are negotiated for only a 6-month period.


8. In 1991, the base year, you were earning $350/week. Your wages rose to $450 in 2000, the current year, when the Consumer Price Index stood at 135. What statement can you make about what happened to your real wages over this period? (Points: 5)
They rose.
They fell.
They remained the same.
There is not enough information to determine whether they rose, fell, or remained the same.


9. The amount a person earns over and above the amount she/he would be willing to work for is called: (Points: 5)
marginal resource cost.
economic rent.
marginal revenue product.
profit on human capital.


10. Suppose your economics professor earns an equal annual salary of $40,000. The professor loves teaching and would not quit her job if her pay were reduced to $15,000 per year. Your professor is earning annual economic rent of: (Points: 5)
$40,000.
$25,000.
$55,000.
$15,000.


11. According to the theory of the backward-bending labor supply curve, as the wage rate rises: (Points: 5)
first the substitution effect sets in, and then the income effect.
first the income effect sets in, and then the substitution effect.
the substitution effect and the income effect set in at the same time.
there is neither a substitution effect nor an income effect.


12. Which statement is true? (Points: 5)
The highest paid professional athletes earn economic rent.
Economic rent is paid on land, but not in the form of wages.
Economic rent is earned mainly by the poor and the lower middle class.
Economic rent is paid in proportion to the marginal revenue product of a resource.


13. Conservative economists would like to help younger workers get work experience by: (Points: 5)
setting up a government jobs program.
raising the minimum wage rate.
lowering the minimum wage rate.
passing a law requiring employers to hire teenagers ahead of older workers who are equally qualified.


14. Lorenz curves tell us about the: (Points: 5)
absolute distribution of income.
poverty line.
inverse relationship between price and the quantity demanded.
relative distribution of income.


15. Which goes exclusively to the poor? (Points: 5)
Medicaid
Medicare
Social Security
Unemployment insurance benefits


16. If the value of non-cash assistance to the poor were included in their income, the: (Points: 5)
official number of persons classified as poor would be higher.
official number of persons classified as poor would be lower.
poverty income threshold would decrease.
poverty income threshold would increase.


17. During the decade of the 1980s our Lorenz curve: (Points: 5)
moved inward, toward the line of perfect equality.
moved outward, away from the line of perfect equality.
stayed about the same distance from the line of perfect equality.
crossed the line of perfect equality.


18. According to official statistics in the United States, a person is classified as poor: (Points: 5)
if the person's money income is below the poverty income threshold.
only if the person's money income is below the poverty income threshold AND the person is not working.
only if the person's money income is below the poverty income threshold AND the person is homeless.
if the person's money income and the value of non-cash transfers is below the poverty income threshold.


19. In which of the following groups of people in the U.S. would the incidence of poverty be the greatest? (Points: 5)
Black families with a female head
All families of seven or more members
Farmers and farm laborers
Families whose head is age 65 or over


20. Which of the following groups has the lowest median income in the United States? (Points: 5)
Married couples with both spouses working
Female-headed families with no husband present
Male-headed families with no wife present
Married couple families with the wife not working

 

 

1. Question:

A conglomerate merger takes place when:

Your Answer:

 

a firm acquires a competitor.

 

similar firms agree to compete.

 

a firm integrates its production backward toward its source of supply or forward in its marketing chain.

 

a firm buys another firm unrelated to the original firm's business.

Comments:

2. Question:

You can find the MRP by multiplying marginal physical product by price for:

Your Answer:

 

both the perfect competitor and the imperfect competitor.

 

neither the perfect competitor nor the imperfect competitor.

 

only the perfect competitor.

 

only the imperfect competitor.

Comments:

3. Question:

The additional output that one additional input of labor is responsible for is its __________ product.

Your Answer:

 

marginal revenue

 

marginal physical

 

average revenue

 

average physical

Comments:

4. Question:

The firm's demand schedule for a resource is its __________ schedule.

Your Answer:

 

MPP

 

MRP

 

total revenue

 

output

Comments:

5. Question:

As output rises:

Your Answer:

 

both marginal revenue product and marginal physical product rise.

 

both marginal revenue product and marginal physical product fall.

 

marginal revenue product rises and marginal physical product falls.

 

marginal revenue product rises and marginal physical product rises.

Comments:

6. Question:

If the price that a perfect competitor received for his or her final product doubled, the firm's MRP schedule would:

Your Answer:

 

rise.

 

fall.

 

double at each price.

 

stay about the same.

Comments:

7. Question:

As output rises, the MRP of an imperfect competitor will __________ that of a perfect competitor.

Your Answer:

 

rise faster than

 

fall faster than

 

rise at the same rate as

 

fall at the same rate as

Comments:

8. Question:

The Standard Oil trust:

Your Answer:

 

was broken up in 1946.

 

was controlled by several foreign nations.

 

forced its rivals out of business.

 

was put together by the U.S. government.

Comments:

9. Question:

The Clayton Act prohibited:

Your Answer:

 

interlocking directorates.

 

all forms of monopoly.

 

foreign control of U.S. corporations.

 

false and deceptive advertising.

Comments:

10. Question:

The conventional merger is the __________ merger.

Your Answer:

 

horizontal

 

vertical

 

conglomerate

 

diversifying

Comments:

11. Question:

Each of the following is an advantage of forming a conglomerate EXCEPT:

Your Answer:

 

tax advantages.

 

forming a big company.

 

diversification.

 

accumulation of power within two or three closely related industries.

Comments:

12. Question:

A key passage of the __________ Act stated that "every contract, combination in form of trust or otherwise, in restraint of commerce among the several states, or with foreign nations, is hereby declared illegal."

Your Answer:

 

Clayton

 

FTC

 

DuPont

 

Sherman

Comments:

13. Question:

The Microsoft case ended with a(n):

Your Answer:

 

clear-cut win for the federal government.

 

compromise settlement between Microsoft and the federal government.

 

guilty plea by Microsoft, but no breakup of the company.

 

abandonment of the case by the federal government.

Comments:

14. Question:

In the 1960s, about 80% of the mergers were of the __________ variety.

Your Answer:

 

horizontal

 

vertical

 

conglomerate

 

conventional

Comments:

15. Question:

Each of the following industries was deregulated during the last 30 years EXCEPT:

Your Answer:

 

the airlines.

 

trucking.

 

banking.

 

radio and TV.

Comments:

16. Question:

A merger of a firm and its supplier is called a __________ merger.

Your Answer:

 

vertical

 

horizontal

 

conglomerate

 

direct

Comments:

17. Question:

A horizontal merger takes place when:

Your Answer:

 

a firm acquires a competitor.

 

similar firms agree to compete.

 

firms in different industries merge.

 

a firm diversifies by merging with a foreign firm.

Comments:

18. Question:

The Sherman Act of 1890:

Your Answer:

 

exempted labor unions from antitrust prosecution.

 

included stringent enforcement provisions.

 

outlawed unfair business practices to exclude rivals from selling in markets.

 

outlawed all monopolies.

Comments:

19. Question:

A conglomerate merger involves combining firms:

Your Answer:

 

involved in the same industry.

 

that are based in different countries.

 

from unrelated industries.

 

that control various stages of the production of a particular good from raw materials to finished manufacture.

Comments:

20. Question:

Which statement is true?

Your Answer:

<INPUT type=radio name=radioMChref="http://www.justanswer.com/homework/5crcs-7-least-applicable-argument-protection-u-s-industry.html>

Microsoft is subject to American antitrust laws, but not those of Europe, Asia, or elsewhere.

 

Microsoft has never been involved in an antitrust suit.

 

The European Commission fined Microsoft over $600 billion for its anticompetitive behavior.

 

Microsoft has always gone out of its way to be helpful to its competitors.

Customer: replied 2 years ago.
can u help me with the answers
Expert:  Chris M. replied 2 years ago.

Hello dunkman,

 

I can help with the first set of 20 questions, but I have another assignment that I'm working on today. I can post the answers by tomorrow (8/6/11/). Let me know if that is acceptable.

 

-Chris M.

Customer: replied 2 years ago.
yes that is acceptable....thanks
Expert:  Chris M. replied 2 years ago.

Here are the answers for comparison with your own.

 

1. The predecessor to the AFL was the: (Points: 5)
Teamsters Union.
Knights of Labor.
CIO.
The International Workers of the World.

2. The __________ Act allows states to enact "right-to-work" laws. (Points: 5)
National Labor Relations
Taft-Hartley
Landrum-Griffin
Sherman Antitrust

3. An industrial union would be organized among a group such as: (Points: 5)
air traffic controllers.
plumbers.
airline pilots.
steel workers.

4. When a firm exercises monopsony power: (Points: 5)
the firm increases its profits at the expense of its workers.
workers gain but the firm loses.
workers, consumers, and owners of the firm are made better off.
both the firm and the workers gain.

5. Which statement is true with respect to the two basic ways that unions have of exerting power? (Points: 5)
Only inclusion leads to higher wages.
Only exclusion leads to higher wages.
Both inclusion and exclusion lead to higher wages.
Neither inclusion nor exclusion leads to higher wages.

6. A monopsony is: (Points: 5)
the seller of a product for which there are no close substitutes.
the buyer of a product for which there are no close substitutes.
both the seller and buyer of a product for which there are no close substitutes.
neither the seller nor buyer of a product for which there are no close substitutes.

7. Collective bargaining agreements in the United States generally: (Points: 5)
are negotiated for only a 1-year period.
are very detailed and specify wages levels and fringe benefits for a period of 2-3 years.
cover wages only.
are negotiated for only a 6-month period.

8. In 1991, the base year, you were earning $350/week. Your wages rose to $450 in 2000, the current year, when the Consumer Price Index stood at 135. What statement can you make about what happened to your real wages over this period? (Points: 5)
They rose.
They fell. (450/1.35 = 333.33)
They remained the same.
There is not enough information to determine whether they rose, fell, or remained the same.

9. The amount a person earns over and above the amount she/he would be willing to work for is called: (Points: 5)
marginal resource cost.
economic rent.
marginal revenue product.
profit on human capital.

10. Suppose your economics professor earns an equal annual salary of $40,000. The professor loves teaching and would not quit her job if her pay were reduced to $15,000 per year. Your professor is earning annual economic rent of: (Points: 5)
$40,000.
$25,000.
$55,000.
$15,000.

11. According to the theory of the backward-bending labor supply curve, as the wage rate rises: (Points: 5)
first the substitution effect sets in, and then the income effect.
first the income effect sets in, and then the substitution effect.
the substitution effect and the income effect set in at the same time.
there is neither a substitution effect nor an income effect.

12. Which statement is true? (Points: 5)
The highest paid professional athletes earn economic rent.
Economic rent is paid on land, but not in the form of wages.
Economic rent is earned mainly by the poor and the lower middle class.
Economic rent is paid in proportion to the marginal revenue product of a resource.

13. Conservative economists would like to help younger workers get work experience by: (Points: 5)
setting up a government jobs program.
raising the minimum wage rate.
lowering the minimum wage rate.
passing a law requiring employers to hire teenagers ahead of older workers who are equally qualified.

14. Lorenz curves tell us about the: (Points: 5)
absolute distribution of income.
poverty line.
inverse relationship between price and the quantity demanded.
relative distribution of income.

15. Which goes exclusively to the poor? (Points: 5)
Medicaid
Medicare
Social Security
Unemployment insurance benefits

16. If the value of non-cash assistance to the poor were included in their income, the:
official number of persons classified as poor would be higher.
official number of persons classified as poor would be lower.
poverty income threshold would decrease.
poverty income threshold would increase.

17. During the decade of the 1980s our Lorenz curve: (Points: 5)
moved inward, toward the line of perfect equality.
moved outward, away from the line of perfect equality.
stayed about the same distance from the line of perfect equality.
crossed the line of perfect equality.

18. According to official statistics in the United States, a person is classified as poor: (Points: 5)
if the person's money income is below the poverty income threshold.
only if the person's money income is below the poverty income threshold AND the person is not working.
only if the person's money income is below the poverty income threshold AND the person is homeless.
if the person's money income and the value of non-cash transfers is below the poverty income threshold.

19. In which of the following groups of people in the U.S. would the incidence of poverty be the greatest? (Points: 5)
Black families with a female head
All families of seven or more members
Farmers and farm laborers
Families whose head is age 65 or over

20. Which of the following groups has the lowest median income in the United States? (Points: 5)
Married couples with both spouses working
Female-headed families with no husband present
Male-headed families with no wife present
Married couple families with the wife not working

 

Hope this helps!

Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2476
Experience: Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
Chris M. and 9 other Homework Specialists are ready to help you
Customer: replied 2 years ago.
hello ,thanks for these answers ....when do u think u have time to finish the rest of it ..20questions .
Expert:  Chris M. replied 2 years ago.

Hello dunkman,

 

If you could "accept" the answers I have given, I'll complete the second quiz for you tomorrow.

 

Thanks!

Expert:  Chris M. replied 2 years ago.
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