If the U.S. imposed an import quota on farm machinery, then sales of U.S. farm machinery equipment producers would
a. rise and the exports of other U.S. industries would rise.
b. rise and the exports of other U.S. industries would fall.
c. fall and the exports of other U.S. industries would rise.
d. fall and the exports of other U.S. industries would fall.
b
You might also like to view...
In Econland population and average labor productivity are constant. If a larger proportion of the population enters retirement, then total output will ________ and output per person will ________.
A. decrease; decrease B. remain constant; remain constant C. increase; increase D. decrease; remain constant
Inflation occurs over time as a result of
A) long-run aggregate supply increasing faster than aggregate demand. B) long-run aggregate supply increasing faster than short-run aggregate supply. C) decreases in aggregate demand. D) aggregate demand increasing faster than long-run aggregate supply.
A consumer is likely to _____________ his opportunity costs when ____________.
A. undervalue; they are not right in front of him B. undervalue; they are obvious C. overvalue; they are not obvious D. overvalue; they are right in front of him
Equilibrium GDP is reached when
a. aggregate expenditure exceeds GDP b. aggregate expenditure is less than GDP c. aggregate expenditure equals the level of output d. the level of output is greater than aggregate expenditure e. the level of output is less than aggregate expenditure