Some Economists Suggest the Optimal Way for a Nation to Protect

question 26

Multiple Choice

Some economists suggest the optimal way for a nation to protect its access to a strategic mineral is with

• A) an infant industry tariff.
• B) a high rate of effective protection to keep local mines in business.
• C) a quota on imports of the mineral.
• D) a stockpile.

Distinguish between institutional racism and other forms of racism and understand the characteristics of each.

Compare and contrast de jure and de facto segregation and discuss the challenges in eradicating de facto segregation.

Understand the concept and implications of minimum efficient scale.

Identify the point at which diseconomies of scale set in for a firm.

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Definitions:

Female to Male Earnings Ratio

The comparison of the average earnings of women to the average earnings of men in the workforce, often used to evaluate gender wage gaps.

Long-Run Adjustment

Changes in production or operations that a firm can undertake over time to adapt to new conditions, typically involving capital investment.

Assembly-Line Plant

A manufacturing facility where products are assembled in a sequential manner along a conveyor belt or line.

Average Variable Cost (AVC)

The cost per unit produced that varies, found by dividing the total variable expenses by the amount of output generated.