Under the 2009 jobs stimulus bill signed by President Obama, who can apply for aid after losing their job due to import competition?
a. service sector workers
b. Farmers
c. neither service sector workers nor farmers
d. both service sector workers and farmers
Ans: d. both service sector workers and farmers
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If European incomes rose, European tariffs on U.S. goods decreased, or their tastes for American goods increased, Europeans would demand ____ U.S. goods, leading them to ____ their supply of euros to obtain the added dollars necessary to make those purchases. a. more; increase
b. more; decrease. c. fewer; increase. d. fewer; decrease.
When all workers in the garment industry organized together, this was
a. illegal b. a goal of the AFL c. not helpful to less-skilled workers d. a craft union e. an industrial union
The demand for chicken wings is more elastic than the demand for razor blades. Suppose the government levies an equivalent tax on chicken wings and razor blades. The deadweight loss would be larger in the market for
a. chicken wings than in the market for razor blades because the quantity of chicken wings would fall by more than the quantity of razor blades. b. chicken wings than in the market for razor blades because the quantity of razor blades would fall by more than the quantity of chicken wings. c. razor blades than in the market for chicken wings because the quantity of chicken wings would fall by more than the quantity of razor blades. d. razor blades than in the market for chicken wings because the quantity of razor blades would fall by more than the quantity of chicken wings.
When a purely competitive firm is in long-run equilibrium and is allocatively efficient:
A. total revenue is at a maximum. B. total cost is at a minimum. C. marginal cost equals marginal revenue. D. average variable cost equals marginal cost.