A tariff is a tax restriction on imported goods.
a. true
b. false
Ans: a. true
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If the price of Pepsi-Cola increases from 40 cents to 50 cents per bottle and the quantity demanded decreases from 100 bottles to 50 bottles, then according to the averaging equation, the value of price elasticity of demand for Pepsi-Cola is:
a. 0.5. b. 0.25. c. 1. d. 3. e. 2.
As the outstanding debt of a nation becomes very large relative to the size of the economy,
a. the borrowing cost of the government will decline. b. lenders will have no choice but to hold the outstanding bonds and to buy the new ones as they are offered. c. a country like the United States will have no choice but to default on the payments to bond holders. d. if the country has a central bank, it will almost certainly resort to money creation to service the debt rather than directly default.
Total cost divided by total output yields:
a. marginal cost. b. average variable cost. c. average fixed cost. d. average total cost.
After there has been a change in bank reserves, the multiplier process continues until:
A. required reserves are the same for all banks. B. banks start to extend new loans. C. the Fed runs out of government securities. D. each bank holds its desired reserve-to-deposit ratio.