Imposing a restrictive quota on the import of dishwashers will likely
a. increase the price of the dishwashers but decrease the quantity consumed.
b. increase both the price of the dishwashers and the quantity consumed.
c. leave the price of the dishwashers unchanged but decrease the quantity consumed.
d. leave the price of the dishwashers unchanged and also leave the quantity consumed unchanged.
A
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Which of the following activities are production?
A) combining flour, milk, and eggs to make cookies B) moving coal from southern Illinois to an electrical power plant in northern Illinois C) taking ice cubes from a tray to put in a drink D) All of the above are production.
Suppose there are two firms, Boors and Cudweiser, each selling nonalcoholic beer. Suppose Boors and Cudweiser are not viewed as perfect substitutes but rather demand for Boors is QB = 5000 ? 1000PB + 100PC and demand for Cudweiser is QC = 3000 ? 1500PC + 100PB. For simplicity, assume zero marginal costs. Which is the more preferred beer?
a. Boor's b. Cudweiser c. they are equally preferred d. neither are preferred
According to the Laffer curve, after raising the tax rate to some level, any further increase by government will cause tax revenues to decrease
Indicate whether the statement is true or false
The dominant school of economic thought from the late 19th century until the Great Depression of the 1930s was
a. classical b. Keynesian c. monetarism d. supply-side e. rational expectations Indicate whether the statement is true or false