Many economists ________ protectionism because it ________ consumers and ________ jobs in domestic industries that use protected products
A) support; benefits; creates
B) criticize; unfairly rewards; relocates
C) criticize; causes losses to; eliminates
D) support; lowers prices for; raises wages for
Answer: C) criticize; causes losses to; eliminates
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Suppose that the economy begins at a long-run equilibrium. Which of the following raises the price level and decrease real GDP in the short run?
A) a decrease in the quantity of money B) an increase in the price of oil that decreases aggregate supply C) an increase in the stock of capital that increases aggregate supply D) an increase in government expenditures
Suppose that R. J. Reynolds raises the price of cigarettes by 10 percent. Although they have no requirement or agreement to do so, the other cigarette firms decide to raise their prices accordingly. This situation is best described as:
a. price leadership. b. a cartel. c. monopolistic competition. d. a market with kinked demand.
Which of the following is an accurate statement about economic models?
a. Economists use only three models. b. Models should include as many detailed facts as possible. c. There is one correct model that should be used for all economic tests. d. Models should vary depending on how they will be used.
In 2004, the worldwide demand curve for cement moved to the right. What does this mean?
A. At any price, the quantity demanded was lower. B. At the market a given price only, the quantity demanded was higher. C. At any price, the quantity demanded was higher. D. At the market price only, the quantity demanded was lower.