Suppose the automobile industry can import 10% of the total quantity demanded of cars in the U.S. This is an example of a(n) ________.
A. tariff
B. quota
C. import tax
D. trade limit
Answer: B
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Why might a police officer not pull over someone speeding two miles over the speed limit?
A) The explicit costs of stopping the driver over are too high. B) The opportunity costs of stopping the driver are too high. C) The opportunity costs of topping he driver are too low. D) The explicit costs of stopping the driver are too low.
When there is an increase in the wages the banking industry offers accountants, what happens to the supply of accountants available to other industries?
A) The supply to other industries increases. B) The supply to other industries falls. C) The supply curve for other industries shifts to the right. D) no change
A price ceiling:
a. is the lowest price that the law will allow to be charged in the market. b. is the highest price that the law will allow to be charged in the market. c. is the price that must be charged in the market. d. would be imposed if the government believes the market equilibrium price is too low. e. would only be applicable in the case of non-essential goods.
When economic activity abroad is increasing
A. the U.S. inflation rate tends to rise. B. U.S. exports tend to decrease. C. the U.S. inflation rate tends to fall. D. U.S. exports tend to increase.