Import bans, import quotas, voluntary export restraints (VERs), and tariffs on goods all:
A. increase imports and raise prices for consumers.
B. reduce imports and prices for consumers.
C. reduce imports and raise prices for consumers.
D. increase imports and reduce prices for consumers.
Answer: C
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Suppose two goods are perfect substitutes. The price elasticity of demand of one of the goods is
A) 0. B) 1. C) 10. D) infinity.
Consumer-oriented exports include which of the following types of products?
A) Wheat, pineapple and soybean oil B) Vegetables, fruit and live cattle C) Beef, ice cream and chicken D) All of the above
Because unregulated natural monopolies earn economic profits greater than zero in the long run, but cannot attract new entrants into the industry:
A. government agencies often regulate the number of firms that compete against natural monopolies. B. government agencies often regulate the price natural monopolies can charge. C. natural monopolies often go out of business. D. natural monopolies are outlawed.
If W is the nominal wage rate, N is the quantity of labor, P is the price level, and Y is real income, then labor's share in national income is
A) WN - PY. B) WP/YN. C) WN/PY. D) PY - WN.