Examlex
Economists usually agree with which of the following arguments that favour protectionism?
Opportunity Cost
The expense incurred by not selecting the second-best choice during a decision-making process or when evaluating different alternatives.
Full Employment
A situation in an economy where all available labor resources are being used in the most efficient way possible.
Marginal Rate
Often refers to the marginal rate of substitution or marginal rate of transformation in economics, indicating the rate at which one good can be substituted for another.
Transformation
The process of converting inputs into outputs, often relating to the change of raw materials into finished products in the context of production.
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