In 2003, Japan restricted imports of beef from the United States because of fear of mad cow disease. This is an example of
a. an anti dumping measure.
b. protecting an infant industry.
c. a voluntary restraint measure.
d. a technical barrier.
d. a technical barrier.
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Refer to Figure 13-2. Ceteris paribus, an increase in the expected price of an important natural resource would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
Which of the following would most likely occur if the federal government increased its spending and enlarged the size of the budget deficit during a period of full employment?
a. The rate of inflation would decline. b. The r ate of inflation would rise. c. A recession would develop. d. Interest rates would fall.
A college student's choice of a major and an occupation reflects:
a. each college student's future expectation of wage inflation. b. a lack of information on the part of the students. c. a lack of proper education and vocational training. d. the return on investment in human capital. e. the opportunity costs each college student faces.
Which of the following explains why economic choices must be made?
a) The factors of production are used inefficiently. b) The factors of production are scarce. c) The factors of production are expensive. d) The factors of production are of inferior quality.