If an import quota is imposed on imports of shrimp into the United States, U.S. producer surplus from shrimp will ________ and U.S. total surplus from shrimp will ________
A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease
E) increase; not change
B
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A warranty is an example of ________
A) sniping B) signaling C) a price floor D) a price ceiling
Suppose the demand for pens increases and the supply for pens decreases. What effect will it have on the quantity?
a. It will rise b. It will fall c. uncertain d. None
Investment goods are counted in GDP because they are
a. intermediate goods. b. purchased in their final form. c. usually exported as foreign investment. d. deductible business expenses.
Which approach to calculating GDP best highlights the relative importance of different factors of production?
A. The income approach B. The expenditure approach C. The value-added approach D. Any of these measurements would work equally well for that comparison.