The pattern of protection in industrial countries is particularly harmful to the interests of
A) low-income developing countries.
B) high-income industrial countries.
C) Asian nations.
D) European nations.
A
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What best describes state fiscal experience in the late 1920s and early 1930s?
a. Revenues dropped consistently through the period because less was being produced. b. State spending decreased through the period c. The growth in state expenditures exceeded the growth of federal expenditures during the same period. d. States either ran budget surpluses or fairly small deficits.
Dave recently began running his father's farm. Last year he took in $15,000 in sales revenue and paid $10,200 in out-of-pocket costs. He made an economic profit last year:
a. if his implicit costs were $3000. b. if his implicit costs were $4000. c. if his implicit costs were $5000. d. In both cases a. and b.
When a consumer experiences a price increase for an inferior good, if the income effect is
a. greater than the substitution effect, the demand curve will be downward sloping. b. greater than the substitution effect, the demand curve will be upward sloping. c. less than the substitution effect, the demand curve will be upward sloping. d. less than the substitution effect but the substitution effect is positive, the demand curve will be upward sloping.
Assume point A on a linear production possibilities curve represents the combination of 12 coffees and 3 cappuccinos, and point B represents 3 coffees and 6 cappuccinos. Suppose coffees are on the vertical axis and cappuccinos are on the horizontal axis. The opportunity cost of a cup of coffee is:
A. 1/3 of a cappuccino. B. 6 cappuccinos. C. 9 cappuccinos. D. 3 cappuccinos.