Which of the Following Policy Objectives Can Sometimes Lead a Government

question 63

Multiple Choice

Which of the following policy objectives can sometimes lead a government of a small economy to rationally oppose free trade?

• A)to prevent domestic currency from going abroad
• B)to raise average living standards
• C)to diversify production in the domestic economy
• D)to maximize national income
• E)to protect against low- wage labour from abroad

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Definitions:

Standard Direct Materials Quantity

The amount of raw materials budgeted to be used in the production of goods, based on efficiency standards.

Waste And Spoilage

Materials or products that are lost, unusable, or less valuable due to inefficiencies or defects in the production process.

Direct Labor Quantity Standard

The amount of labor hours expected to be required to produce one unit of a product.

Wasted Time

Time that is not utilized effectively or productively in a business setting.