The use of government regulations and barriers in order to control trade is referred to as:
A) globalization.
B) protectionism.
C) liberalization.
D) actualization.
B
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The figure above illustrates the current market for apartments in Washington, D.C
a. If the local government imposes a price ceiling of $1,500 per month, is there a shortage? If so, how much? If not, why not? b. If the local government imposes a price ceiling of $900 per month, is there a shortage? If so, how much? If not, why not?
Holding other factors constant, a decrease in the tax for producing cars causes
a. The supply curve to shift to the left, causing the prices of coffee to rise b. The supply curve to shift to the right, causing the prices of coffee to rise c. The supply curve to shift to the left, causing the prices of coffee to fall d. The supply curve to shift to the right, causing the prices of coffee to fall
The practice of featherbedding is intended to help unions:
A. reduce the tradeoff between higher wages and fewer jobs. B. negotiate for higher wages by assuring more efficient labor practices. C. increase membership by guaranteeing job growth. D. defeat "right-to-work" laws.
Related to the Economics in Practice on p. 36: In the survey conducted by Esther Duflo and Abhijit Banerjee, the extremely poor were found to consume ________ of their budgets on weddings, funerals, and other festivals.
A. almost 10 percent B. virtually none C. over half D. less than 5 percent