One of the main reasons that people want to limit imports is the
a. fear that imports will decrease the income of Americans.
b. idea that cheap foreign labor destroys American jobs.
c. concept that if trade benefits another country, it must harm the United States.
d. All of the above are correct.
d
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According to the textbook authors, pollution is a growing "social" problem because
A) only society, rather than individuals, pollutes. B) pollution is inefficient. C) pollution is economically efficient. D) more people are beginning to question the moral and legal rights of polluters.
If your income goes down by10% and, in response, the quantity demanded of good x falls by 20%, the income elasticity of demand would be:
a. 2 b. 4 c. .5 d. .20
The official unemployment rate may not reflect the true state of unemployment because: a. Some workers may go through the motions of looking for work to keep their unemployment benefits, but not actually be looking for work. b. Some people who are working in the underground economy may be classified as unemployed
c. Some may leave the labor force and go back to school only because job conditions are currently poor. d. all of the above.
Refer to Figure 8.9. At the market price of $18, if this farmer produces the profit maximizing quantity, what profit will he make? A) $0 B) $2,000 C) $700 D) indeterminant from this information