A tax on imports of foreign goods is called a(n):
A) quota.
B) subsidy
C) tariff.
D) export restriction.
Ans: C) tariff.
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If a firm's MPK is below its user cost of capital, it is employing too ________ capital and its profit is ________ in the long run
A) little, above what it will be B) little, below what it could be C) much, above what it will be D) much, below what it could be
Banks will keep excess reserves when:
a. they do not foresee profitable opportunities to make loans b. business conditions generally are depressed c. they do not foresee opportunities to make secure loans d. All of the above are correct.
In which of the following groups of people in the U.S. would the incidence of poverty be the greatest?
A. Black families with a female head B. All families of seven or more members C. Farmers and farm laborers D. Families whose head is age 65 or over
The value of goods added to a firm's inventory in a certain year is treated as
a. consumption, since the goods will be sold to consumers in another period. b. intermediate goods, and so is not included in that year's GDP. c. investment, since GDP aims to measure the value of the economy's production that year. d. spending on durable goods, since the goods could not be inventoried unless they were durable.