Who benefits from an import quota on a good?
A) domestic consumers of the good
B) foreign governments
C) domestic producers of the good
D) foreign producers of the good
C
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Official unemployment statistics
A. understate unemployment because individuals receiving unemployment compensation are counted as employed. B. overstate unemployment because workers who are involuntarily working part time are counted as being employed. C. understate unemployment because discouraged workers are not counted as unemployed. D. include cyclical and structural unemployment but not frictional unemployment.
In the Keynesian view, equilibrium takes place when
a. the real and nominal interest rates are equal. b. the level of total spending in the economy is equal to current output. c. current output is equal to the economy's long-run potential. d. the money supply is growing at a constant rate.
Which of the following is an argument that the incidence of corporate taxation falls entirely on consumers?
A. Most taxes on consumers are collected by corporations through sales taxes. B. Corporations pass their tax burdens on to consumers because consumers ultimately work for the corporations. C. Corporations always evade taxes so that consumers ultimately bear the tax burdens as taxpayers. D. Corporations pass their tax burdens on to consumers by charging higher prices equal to the amount of the tax.
A firm that is NOT maximizing profits
A) would never be able to operate in the United States. B) must not be owned by stockholders. C) may find it difficult to raise financial capital from external capital markets. D) is likely to face legal prosecution from the Department of Commerce.