An example of an industrial policy would be all except:
A. interest rate restrictions.
B. trade barriers.
C. tax breaks.
D. subsidies.
Answer: A
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In the United States, spending on Social Security, Medicare, and Medicaid was approximately ________ of GDP in 1962, and is expected to be approximately ________ of GDP in 2050
A) 12%; 50% B) 3%; 20% C) 40%; 5% D) 25%; 65%
Which of the following goods are most likely to be substitutes?
a. potato chips and chip dip b. bread and peanut butter c. ketchup and French fries d. bananas and apples
The frictional unemployment rate is 2.5 percent, the structural unemployment rate is 3.1 percent, and the economy's current unemployment rate is 5.6 percent. The economy is in
A) an inflationary gap producing more than Natural Real GDP. B) a recessionary gap producing more than Natural Real GDP. C) an inflationary gap producing Natural Real GDP. D) a recessionary gap producing less than Natural Real GDP. E) long-run equilibrium.
Suppose that Tom bought a bike from Helen for $195. If Helen's reservation price was $185, and Tom's reservation price was $215, the total economic surplus from this transaction was:
A. $195 B. $30 C. $215 D. $185