An increase in the price of a good will
a. increase supply.
b. decrease supply.
c. increase quantity supplied.
d. decrease quantity supplied.
c
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In reaction to the passage of the Smoot-Hawley Tariff, Canada as well as many other U.S. trading partners
A) refused to export any products to the United States. B) eliminated tariffs on U.S. imports. C) refused to import any products from the United States. D) enacted large increases in tariffs on U.S. imports.
A closed economy is a national economy that
A) doesn't interact economically with the rest of the world. B) has a stock market that is not open to traders from outside the country. C) has extensive trading and financial relationships with other national economies. D) has not established diplomatic relations with other national economies.
Refer to the above table. If the price of the good produced is $8, the marginal revenue product of the 12th worker is
A) $720 B) $800 C) $5520 D) $560
An externality associated with advertising of products legal only for a specified age group is that it
A. might be deemed boring by members of that specified age group. B. might appeal to persons outside of that specified age group. C. increases the time members of that specified age group spend watching TV and reading magazines. D. all of the options are correct.