A quota is
A) a limit placed on the quantity of goods that can be imported into a country.
B) a tax imposed by a government on goods imported into a country.
C) a subsidy granted to importers of a vital input.
D) a health and safety restriction imposed on an imported product.
Answer: A
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Explain the separate effects of each event on U.S. real GDP and the price level, starting from a position of long-run equilibrium
What will be an ideal response?
The above figure shows the short-run production function for Albert's Pretzels. The marginal productivity of labor for the third worker is
A) 6. B) 8. C) 24. D) not known from the information provided.
Both those who favor an active approach as well as those who favor a passive approach to policy believe that the economy can suffer from extreme and long-lasting swings in real GDP
a. True b. False Indicate whether the statement is true or false
In the absence of government action, the private market would probably not provide as much police protection as is socially desirable because: a. individuals are too poorly informed about the value of police protection
b. the private benefits are greater than the private costs of providing police protection. c. it is difficult to prevent free riders from benefiting from some police protection services. d. the use of police services by one person will significantly reduce the police protection available to others.