A rationale used for tariff protection by some is that
A) the country wants to practice international price discrimination.
B) the country finds its cost of producing their products higher than in other countries.
C) imports are produced by firms that received subsidies from their governments.
D) imports are produced by firms that are more efficient than domestic producers are.
C
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The quantity theory of money is a theory of how
A) the money supply is determined. B) interest rates are determined. C) the nominal value of aggregate income is determined. D) the real value of aggregate income is determined.
To calculate market demand, we
A. Add the quantities demanded for each individual demand schedule horizontally. B. Find the difference between the quantity demanded and the quantity supplied at each price. C. Add the quantities demanded for each individual demand schedule vertically. D. Find the average quantity demanded at each price.
In the Keynesian model, consumption
A. and saving are positively related to income. B. and saving are negatively related to the real interest rate. C. is positively related to the interest rate but negatively related to a temporary change in income. D. is positively related to income but saving is not systematically related to either income or interest rates.
More cattle are found to have mad cow disease. As a result, consumer confidence in the safety of beef is shaken. What would an economist predict will happen in the beef market?
A) As consumer preferences move away from beef, there is an upward movement along the beef demand curve. B) The demand curve will shift to the left. C) The demand curve does not shift but consumers move to a point lower down the curve. D) absolutely no change in either the quantity demand or the demand for beef