Refer to above figure. With free trade and no tariffs, what is the quantity of Widgets imported?
What will be an ideal response?
90
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With which of the following statements would a "real business cycle" theorist most closely agree?
A) "Expansionary monetary policy allows the central bank to control inflation and unemployment simultaneously." B) "Monetary policies have the greatest impact on real GDP when they are anticipated." C) "Wages adjust rapidly to changes in inflation as long as expectations are formed rationally." D) "Technological shocks to the economy affect only aggregate demand in the short run."
Which of the following is a plausible reason that restaurants offer "Senior Citizen Discounts"?
A) Senior citizens tend to have relatively more elastic demands for restaurant meals than other consumer groups. B) Senior citizens tend to have relatively more inelastic demands for restaurant meals. than other consumer groups. C) Senior citizens are not very sensitive to changes in prices. D) Senior citizens are easily fooled by "come-ons" and are therefore frequently victims of price discrimination.
Vertical integration can reduce transaction costs through all of the following ways except which one?
A) decreasing the incentive for litigation B) creating managerial diseconomies C) establishing a partnership between the two firms D) increasing information and control
Abandoned or underdeveloped real properties whose development is complicated by contamination are referred to as
a. NPL sites b. Superfund sites c. brownfield sites d. RCRA sites