Figure 17-9
Refer to . The size of the tariff on carnations is
a.
$8 per dozen.
b.
$6 per dozen.
c.
$4 per dozen.
d.
$2 per dozen.
d
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The basic principle that explains the demand for a factor of production is the
a. principle of marginal productivity. b. Hotelling principle. c. principle of opportunity cost. d. Ramsey pricing principle.
Which set of changes is definitely predicted to lower Real GDP in the short run?
A) The money supply rises and labor productivity rises. B) The U.S. dollar depreciates and wage rates fall. C) The U.S. dollar appreciates and labor productivity rises. D) Foreign real national income falls and wage rates rise. E) none of the above
Say the price of MP3 songs increases. Other things equal the:
A. quantity supply for MP3 songs will decrease. B. supply for MP3 songs will increase. C. quantity demanded for MP3 songs will decreases. D. demand for MP3 songs will decrease.
In a constant-cost industry, a decrease in price causes:
A. some firms to exit the industry. B. quantity supplied to remain constant. C. some firms to enter the industry. D. price controls.