If the tariffs on textiles, apparel items, and footwear mentioned in the Application were replaced by equivalent voluntary export restraints (VERs), low-income consumers would probably
A) be worse off. B) be better off.
C) be no better nor worse off. D) not be subject to the VERs.
C
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In Figure 10-5 above, suppose that new tougher environmental regulations require certain industries to accelerate their phase-out of some of their existing equipment and install new types that produce less pollution
Translating this into an effect on d causes a movement of the steady-state point such as from points A) A to B. B) D to B. C) D to C. D) A to C. E) D to A.
For a given price level, an upward shift of the expenditures schedule corresponds to an
a. inward shift of the aggregate demand curve. b. outward shift of the aggregate demand curve c. outward shift of the aggregate supply curve. d. inward shift of the aggregate supply curve.
Assume that a 4 percent increase in income results in a 2 percent increase in the quantity demanded of a good. The income elasticity of demand for the good is
a. negative, and the good is an inferior good. b. negative, and the good is a normal good. c. positive, and the good is a normal good. d. positive, and the good is an inferior good.
When the price level goes up, the purchasing power of the dollar
A) varies directly with the value of the euro. B) remains constant. C) also increases. D) falls.