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Unformatted text preview: 1 6) apanʹs protection of its semiconductor (RAM) producers is today seen as an object lesson in J A) ow strategic planning may backfire and cause a large waste of resources. h B) ow externalities may be successfully exploited by protectionist policies. h C) ow excess returns may be successfully exploited by protectionist policies. h D) ow government intervention may create a meaningful comparative advantage. h E) one of the above. N Answer: A Question Status: revious Edition P 7) he Heckscher-Ohlin, factor-proportions model lends support to the argument that T A) rade tends to worsen the conditions of unskilled labor in rich countries. t B) rade tends to worsen the conditions of owners of capital in rich countries. t C) rade tends to worsen the conditions of workers in poor countries. t D) rade tends to worsen the conditions of workers in rich countries. t E) one of the above. N Answer: A Question Status: revious Edition P 8) f firms in an industry are generating knowledge that other firms can use without paying for it, this industry I is characterized by A) ocial costs that exceed private costs. s B) ocial benefits that exceed private benefits. s C) ocial costs that exceed social benefits. s D) rivate benefits that exceed social benefits. p E) one of the above. N Answer: B Question Status: revious Edition P 9) t is argued that high-tech industries typically generate new technologies but cannot fully appropriate the I commercial benefits associated with their inventions or discoveries. If this is true then in order to maximize a countryʹs real income, the government should A) ax the high-tech firms. t B) ubsidize the high-tech firms. s C) rotect the high-tech firms. p D) oth B and C. B E) one of the above. N Answer: B Question Status: revious Edition P 10) n effect, the U.S. does subsidize high-tech firms by subsidizing R&D. This is done through I A) he budget of the Department of Education. t B) ystematic protection through the levying of tariffs. s C) ystematic protection through the establishment of NTBs. s D) elatively accelerated ʺdepre...
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