Tariffs and import quotas differ in that
A) one is a form of trade restriction, while the other is not.
B) one is a tax, while the other is a limit.
C) one is imposed by the government, while the other is imposed by the private sector.
D) one is legal, while the other is not.
B
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If the federal budget deficit declines, the national debt
A. will definitely go down. B. may go down. C. will definitely go up. D. may go up.
Refer to the graph. If the supply of money was $200 billion, the interest rate would be:
A. 1 percent
B. 2 percent
C. 3 percent
D. 4 percent
Many car owners and car dealers describe their different cars for sale in the local newspapers and list their asking price. Many people shopping for a used car consider the different choices listed in the paper. The absence of which condition prohibits this market from being described as perfectly competitive?
A) Buyers and sellers know the prices. B) Firms freely enter and exit. C) Transaction costs are low. D) Consumers believe all firms sell identical products.
According to the AS-AD model, when real GDP exceeds potential GDP, the unemployment rate is definitely
A) less than the natural unemployment rate. B) greater than the natural unemployment rate. C) rising. D) falling. E) equal to the natural unemployment rate.