The Buy America Act of 1933 mandates that
A. household consumers buying more of local products will be given suitable tax incentives.
B. the sales taxes on goods manufactured by the local labor force must be lower than the sales taxes on goods manufactured by immigrant workers.
C. purchases funded by the U.S. government must favor domestic products.
D. durable goods produced locally must be priced lower than comparable imported goods.
Answer: C
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Refer to Figure 26-7. Suppose the Fed sells Treasury Bills in pursuit of contractionary monetary policy. Using the static AD-AS model in the figure above, this situation would be depicted as a movement from
A) B to C. B) C to B. C) B to D. D) C to D. E) A to B.
Monopolistic competitors are
a. price takers b. price searchers c. price maximizers d. price ignorers e. collusive price fixers
An O. Henry short story tells about a young married couple, quite poor, facing Christmas without the means to buy each other gifts. So without her knowing, he sells his watch to buy a comb for her lovely hair and at the same time without him knowing, she cuts her lovely hair and sells it to buy a fob for his watch. To an economist, this touching story tells us
a. that without complete and open information, utility cannot be maximized b. total utility is not always greater than marginal utility c. the law of diminishing marginal utility does not apply in all cases d. the marginal utility of the comb for her was greater than the marginal utility of his watch and for him, the marginal utility of the fob was less than the marginal utility ofthe comb e. the marginal utility of the comb for him was greater than the marginal utility of his watch and for her, the marginal utility of her hair was less than the marginal utility ofthe fob
Which of the following is a marginal decision, rather than an either-or decision?
a. whether to recommend a friend for a job at your workplace b. whether to ask for a promotion c. how much money to invest in your savings account d. whether to look for another job