Suppose the United States decides to impose a $1,000 tax on every Japanese minivan sold in the United States. This is an example of:
A. a tariff.
B. free trade.
C. comparative advantage.
D. a quota.
Answer: A
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The term externalities refers to
A) consequences of action not taken into account in making decisions. B) social interactions associated with urban-industrial economies. C) the superficial consequences of decisions. D) the visible consequences of decisions.
Would the shopkeeper be able to convince the customer that he would usher the customer out if he gets a low price?
a. Yes, such threats are always credible b. No, because losing the sale is not in the shopkeeper's best interest c. No, because he would get more by accommodating the low price than losing the sale d. Both B&C
In the United States, the purchasing power of money is determined by
a. the underlying precious metals that back each unit of currency. b. the value of U.S. treasury bonds that back each unit of currency. c. Federal Reserve policy, which controls the money supply. d. Congress, which controls the money supply.
When labor inputs are finely divisible, the average product of labor curve is ______ sloping at L if the marginal product is ______ the average product.
A. downward; above B. upward; above C. upward; below D. vertical; equal to