When European markets refused to allow U.S. beef to be imported because U.S. cows had been fed government-approved hormones, this was an example of
a. a tariff
b. a quota
c. free trade
d. a nontariff barrier
e. economic efficiency
D
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Credit markets are
A) bad, as they cause people to accumulate debt. B) not important for the financial crisis. C) important, but given too little attention in the past by macroeconomists. D) markets that work perfectly.
In a simple closed economy, the income approach to calculating GDP is:
A. wages + interest + rental income + profits. B. wages + interest + government income + profits C. wages + government earned interest + rental income + profits D. wages + interest + rental income profits.
If a manufacturer has a U-shaped long-run average total cost curve, then
a. it cannot correctly calculate the position of its fixed cost curve b. there is an output level such that producing one more unit increases average total cost c. there must be a large range of production over which the firm experiences constant returns to scale d. no two quantities of output can have the same average total cost e. there does not exist an output level such that producing one more unit decreases average total cost
When a teacher in a private school points out to her high school principal that since there are empty seats in all classrooms, the cost of additional students is really zero, she is using the
a. law of comparative advantage. b. principle of marginal analysis. c. theory of externalities. d. notion of the cost decreases of the service sector. e. concept of opportunity cost.