The imposition of tariffs on Korean steel has led to ________ in imports of Korean steel to the United States and ________ the price of steel in the United States
A) an increase; raised
B) no change; raised
C) a decrease; raised
D) an increase; lowered
E) a decrease; no change in
C
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Refer to Figure 27-8. In the graph above, suppose the economy in Year 1 is at point A and is expected in Year 2 to be at point B. Which of the following policies could Congress and the president use to move the economy to point C?
A) increase income taxes B) decrease government purchases C) increase government purchases D) sell Treasury bills
The monopoly can shift the demand for its product rightward by
A) accommodating entry. B) advertising new uses for its product. C) moving along the learning curve. D) All of the above.
The demand for a factor of production depends largely on the
a. supply of the factor. b. supply of other factors of production. c. demand for other factors of production. d. demand for the products that it helps to produce.
You operate a shop that repairs TVs and VCRs. The going wage rate in a competitive market for skilled repair people is $18 per hour. Given the current demand for your services, the marginal revenue product of your repair people is $28 per hour. You should
A. increase the number of repair people working for you. B. decrease the number of repair people working for you. C. make no change in the number of people you use. D. lay off all your employees and do all the work yourself.