Tariffs and quotas are effective in protecting industry
a. but at very high cost per job saved.
b. and at very low cost per job saved.
c. but have not saved any jobs in the industries.
d. and do not distort the economy in the process.
a
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If the price of automobiles was to increase, then
A) the quantity of gasoline demanded would decrease. B) the demand for gasoline would increase. C) the demand for gasoline would decrease. D) the supply of gasoline would increase.
The Solow growth model predicts that a lower labor force growth rate will lead to
A) a decreased steady state and higher break-even investment. B) higher productivity and a higher standard of living. C) a lower saving rate and decreased investment. D) a higher rate of dilution and lower break-even investment.
The government raises gasoline taxes as part of the price of gasoline and receives more tax revenues. However, after five years, the government discovers that revenues from the gasoline tax have declined
This situation would be most likely to occur if A) the long-run elasticity of supply was much greater than the long-run elasticity of demand. B) the demand for gasoline was inelastic in the short run, but elastic in the long run. C) the long-run elasticity of demand was greater than the long-run elasticity of supply. D) the demand for gasoline was perfectly inelastic in both the short run and the long run.
If the Fed increases the money supply, then: a. the interest rate declines and the quantity of money demanded increases
b. the interest rate declines and the quantity of money demanded declines. c. the interest rate increases and the quantity of money demanded increases. d. the interest rate increases and the quantity of money demanded declines. e. the interest rate increases but the quantity of money demanded remains unaffected.