Who is likely to be in favor of a country that would be a net-importer if it moved from autarky to free trade?
A. Foreign consumers
B. Foreign governments.
C. Domestic producers
D. Domestic consumers
Answer: D
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Suppose Paul's utility depends on the amount of time spent playing on the Internet (x) and the amount of time playing video games (y), and his utility function is
U(x,y) = 3x0.2 y0.8 He has 15 hours of free time to spend on these two activities each week, and his goal is to maximize his utility. a. Set up the Lagrangian for this constrained maximization problem. b. What are the necessary conditions for the optimum from the Lagrangian? c. What is the optimal amount of time spent surfing the Internet and playing video games each week?
If the shifts in AD that will result from policy changes are fully and accurately anticipated, a decrease in government purchases or an increase in taxes would result in which of the following in the short run?
a. a higher level of real output and a higher price level b. a higher level of real output but no change in the price level c. a higher price level and a reduced level of real output d. none of the above.
The height of the demand curve for a product indicates the
a. minimum price consumers are willing to pay for an additional unit of it. b. minimum quantity consumers are willing to purchase at the current price. c. maximum price consumers are willing to pay for an additional unit of it. d. minimum price required to induce suppliers to produce an additional unit of it.
Which of the following does not help reduce frictional unemployment?
a. government-run employment agencies b. public training programs c. unemployment insurance d. All of the above help reduce frictional unemployment.