Why does the United States regulate automobile manufacturing in so many ways?
(A) To protect the consumer from Japanese and European automobiles.
(B) To keep the price of U.S. automobiles competitive with others.
(C) To offset the air pollution caused by automobiles.
(D) To keep the manufacturers of U.S. automobiles from gaining too much of the market.
Ans: (C) To offset the air pollution caused by automobiles.
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How does the centrality of institutions and property rights in economic growth help to explain the predominance of rich countries in temperate climates and of poor countries in the tropics?
What will be an ideal response?
A profit-maximizing firm should employ a resource up to the point that:
a. marginal revenue product is zero. b. marginal revenue product equals marginal resource cost. c. marginal revenue product is maximized. d. marginal revenue equals marginal cost.
What is the newest money supply tool available to the Fed?
a. the reserve requirement ratio b. the discount rate c. the interest rate on reserves held at the Fed d. open market operations
Table 7.2GDP for Newland?Nominal GDP(in billions of dollars)GDP deflatorCPI2001$5,900120.1128.320026,300123.0131.720036,800126.3136.5Based on Table 7.2, the real GDP for 2002 was
A. $7,749.0 billion. B. $8,297.1 billion. C. $5,122.0 billion. D. $4,783.6 billion.