In general, the costs tariffs and quotas impose on consumers are
A) large in total but relatively small per person.
B) small in total but relatively large per person.
C) large in total and large per person.
D) small in total and small per person.
Answer: A
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A persistent decline in the price level resulting from economic growth in the presence of stable aggregate demand is known as
A) secular deflation. B) the interest rate effect. C) the real balance effect. D) demand-side deflation.
Politicians tend not to support the policy solutions to end structural stagnation, because they would:
A. politicians aren't interested in solving society's problems. B. politicians have to worry about getting reelected. C. politicians don't like economists. D. give more power to the Federal Reserve to fix the economy.
Firms in a perfectly competitive market:
A. sell a differentiated product. B. sell homogeneous products. C. usually have large advertising budgets. D. try to attract customers away from their competitors.
All of the following are resources EXCEPT
A. doctors because they perform services. B. money. C. the computer in the student computer lab. D. the land the Statue of Liberty sits on.