A tariff has the effect of granting ____ a larger share of the domestic market
a. domestic consumers
b. foreign consumers
c. domestic producers
d. foreign producers
e. no producers or consumers
c
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If everyone could participate in the logrolling process at low cost, _____
a. then logrolling would allocate resources efficiently b. the political benefits to politicians would fall c. political exchange would no longer be important d. decision-making costs would be astronomical
Graphically, the average productivity of labor would be illustrated by the slope of the marginal productivity curve at the relevant point
a. the slope of the total product curve at the relevant point. b. c. the negative of the slope of the marginal productivity curve at the relevant point. d. the slope of the chord connecting the origin with the relevant point on the total output curve.
While constructing a price index, economists give greater weight to the items on which people spend less money
a. True b. False Indicate whether the statement is true or false
Almost all economists agree that local and state governments should
a. eliminate subsidies to professional sports franchises. b. increase subsidies to professional sports franchises. c. copy economic policy from Washington, D.C. d. prevent companies from outsourcing work.