The notion of reciprocity means that one nation will impose import restrictions on another in order to:
a. stimulate an increase in trade restrictions in the latter.
b. stimulate a decrease in trade restrictions in the latter.
c. eliminate trade restrictions immediately in both countries.
d. improve the government revenue collections through tariffs in both countries.
e. enforce standards of product quality in the latter.
b
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If a $15 billion reduction in taxation produces a change of $20 billion in output, the value of the government taxation multiplier is ________
A) 35 B) 0.75 C) 5 D) 1.3
Refer to the figure above. What is the market-wide consumer surplus when the market price of calculators is $3?
A) $600 B) $725 C) $1,000 D) $1,120
The function of money that enables money to be used for future purchases is called:
A) medium of exchange. B) store of value. C) unit of account. D) measure of power.
The Congressional Budget Office estimates that ________ of the increase in federal spending on Medicare and Medicaid over the next 75 years will be due to increases in the cost of providing health care
A) very little B) less than half C) most D) all