Refer to Figure 7-2. With the tariff in place, the United States produces
A) 18 million pounds of coffee. B) 20 million pounds of coffee.
C) 26 million pounds of coffee. D) 38 million pounds of coffee.
A
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The preceding table gives monthly production information for Peter's Peanuts, a firm in a perfectly competitive industry. An increase in the wage rate for labor leads to
A) an increase in the quantity of labor demanded. B) a decrease in the quantity of labor demanded. C) an increase in the demand for labor. D) a decrease in the demand for labor.
If the marginal propensity to consume (MPC) is 0.80, the value of the spending multiplier is 2
a. True b. False Indicate whether the statement is true or false
General Motors Corporation (a U.S.-based firm) produces a Saab vehicle in Sweden, and sells it in the United States. In which country's GDP is it included?
a. Sweden and the United States b. The United States because it was sold there c. The United States because GM is a U.S. company d. Sweden because it was produced there
A successful market economy requires
A) a government-controlled banking system and government price controls. B) well-defined property rights and an independent court system to adjudicate disputes based on the law. C) generous unemployment benefits and paid medical leave for everyone in the labor force. D) an equitable distribution of income and limits on immigration.