What is a major reason international trade is restricted?
A) rent seeking
B) to allow competition with cheap foreign labor
C) to save jobs
D) to prevent dumping
E) to eliminate monopolies
A
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If velocity is constant, which of the following results flow from the quantity equation?
A) Nominal GDP could change only if there were a change in the money supply. B) In the short run, nominal GDP could change only if there were a change in the money supply and in the long run, nominal GDP could change only if there were a change in the money supply. C) In the short run, nominal GDP could change only if there were a change in the money supply but in the long run, nominal GDP is affected by changes in any component of GDP. D) In the short run, nominal GDP is affected by changes in any component of GDP but in the long run, nominal GDP could change only if there were a change in the money supply.
A person should consume more of something when its marginal:
A. benefit exceeds its marginal cost.
B. cost exceeds its marginal benefit.
C. cost equals its marginal benefit.
D. benefit is still better.
Which type of cost is does not change as the quantity of output produced changes?
A) total cost B) average cost C) fixed cost D) marginal cost
Imagine a $2,000 investment that raises the economy's capital stock from $20,000 to $22,000 . It changes the capital-labor ratio from $200 to $220 . Economists refer to such increases in the capital-labor ratio as
a. capital deepening b. capital accretion c. capital productivity d. capital-labor output shocks e. capital stockpiling