Quotas on imported automobiles cost jobs in the U.S. automobile industry but lower auto prices for domestic consumers.
Answer the following statement true (T) or false (F)
False
Since quotas limit the number of imported cars, they drive up the price of imported automobiles. They protect U.S. jobs in the auto industry.
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Which of the following is considered by economists to be the most fundamentally scarce?
A. Money B. Ideas C. Needs D. Food E. Physical resources
During an economic expansion when real GDP increases, the
A) demand for money decreases. B) nominal interest rate is constant. C) demand for money increases. D) supply of money decreases. E) real interest rate is constant.
In the above figure, between x = 2 and x = 3, what is the slope of the line?
A) 1 B) -1 C) 2 D) 3
If some industries exhibit increasing returns to scale in each country, we should not expect to see
A) intraindustry trade between countries. B) perfect competition in these industries. C) interindustry trade between countries. D) Either B or C.