The Smoot-Hawley tariff set off an international trade war in the
A. 1930s.
B. 1950s.
C. 1970s.
D. 1990s.
Answer: A
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The deadweight loss in a housing market with a rent ceiling set below the equilibrium rent is the
A) loss to those who cannot find apartments and the gain to landlords who charge black market rents. B) loss to those who cannot find apartments and the loss to landlords who cannot offer housing at the lower rent ceiling. C) loss to landlords and the gain to tenants who pay a fairer rent. D) loss to tenants and the gain to landlords who have the incentive to offer more apartments for rent. E) gain to landlords and to tenants because now a fairer rent is charged.
If Jeff's wage rate rises, he decides to work fewer hours. From this, we can infer that
A) for Jeff, the substitution effect is greater than the income effect. B) for Jeff, the substitution effect is equal to the income effect. C) for Jeff, the substitution effect is less than the income effect. D) Jeff is a nitwit.
Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at 20ยข per pound when 500 pounds are grown. The demand for potatoes is Q = 10,000/p
If the long-run supply curve is horizontal, then how many firms will this industry sustain in the long run? A) 0 B) 100 C) 50,000 D) There is not enough information to answer.
Which of the following statements is true of fiat money? a. Fiat money has to be backed by gold assets
b. Fiat money is not backed by any valuable asset. c. The intrinsic value of fiat money should always exceed its extrinsic value. d. The intrinsic value of fiat money should always be equal to its extrinsic value.