The effects of a "Buy American" campaign, wherein U.S. consumers are encouraged to only buy goods produced domestically would have results similar to a(n)
A. tariff.
B. export subsidy.
C. voluntary export restriction.
D. quota.
Answer: D
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Suppose demand decreases, but there is no change in supply. As the market reaches its new equilibrium:
A. excess supply will lead the price to fall. B. excess demand will lead the price to fall. C. excess supply will lead the price to rise. D. excess demand will lead the price to rise.
Data on after-tax income and consumption spending for the Adam Smith family are given below:After-tax IncomeConsumption Spending9,00015,40014,00018,40019,00021,40024,00024,400Based on these data, the Adam Smith family has a marginal propensity to consume equal to:
A. 0.9. B. 0.75. C. 0.6. D. 0.8.
Official unemployment statistics
A. understate unemployment because individuals receiving unemployment compensation are counted as employed. B. overstate unemployment because workers who are involuntarily working part time are counted as being employed. C. understate unemployment because discouraged workers are not counted as unemployed. D. include cyclical and structural unemployment but not frictional unemployment.
Because some monopolies could still earn an economic profit even if the firm is inefficient, corporate executives might waste resources by indulging in
a. long lunches b. corporate jets c. plush offices d. None of the answers is correct. e. All of the answers are correct.