If a country imposes a tariff on an imported good, the tariff ________ the price in the importing country and ________ the quantity of imports
A) raises; decreases
B) raises; increases
C) raises; does not change
D) lowers; does not change
A
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At the beginning of the year, your wealth is $10,000. During the year, you have an income of $90,000 and you spend $80,000 on consumption. You pay no taxes. Your wealth at the end of the year is
A) $20,000.00. B) $0. C) $90,000.00. D) $100,000.00.
A voluntary exchange of products means that
a. if one nation gains from a swap, the other nation must necessarily lose. b. each country must do its best to act to the disadvantage of its trading partners. c. both parties must gain (or expect to gain) from the transaction. d. both parties must lose owing to the transaction costs involved.
When disposable income equals consumption expenditures, then
A. saving is zero. B. saving is greater than income. C. both saving and savings are zero. D. we can't tell what saving is without more information.
Which of the following would be considered a supply-side policy?
A. an increase in government regulations that require businesses to internalize pollution costs B. decreasing taxes to increase the incentive to work C. an increase in government spending that would lead to increased aggregate demand D. increasing the amount of Social Security contributions paid by businesses to help fund the Social Security program