According to the text, the annual cost to the United States from its anti-dumping policies is equivalent to a deadweight loss of _____ uniform tariff applied across all imports.
a. a 1%
b. a 6%
c. a 10%
d. a 15%
Ans: b. a 6%
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The above figures show the market for gasoline. Which figure shows the effect of the end of a nine month strike by workers at all U.S. oil refineries?
A) Figure A B) Figure B C) Figure C D) Figure D
Economists estimated that the cross-price elasticity of demand for beer and wine is -0.83 and the income elasticity of wine is 5.03. This means that
A) beer and wine are substitutes and wine is a luxury good. B) beer and wine are substitutes and wine is an inferior good. C) beer and wine are complements and wine is a luxury good. D) beer and wine are complements and wine is an inferior good.
One of the reasons that communism failed in the Soviet Union is that, under communism:
a. no one had property rights, so there was little incentive to use resources efficiently. b. there were high rates of unemployment and homelessness accompanied by a high rate of inflation. c. planners did not have all the information necessary to make efficient decisions. d. there was a high degree of political freedom. e. there was a high degree of economic freedom.
An American soldier stationed in North Carolina receives a paycheck from the federal government for $300, which she uses to purchase a $100 MP3 player made in China by a Chinese firm and $200 for fruit and vegetables from a local farmers market. As a result, U.S. GDP increases by
a. $200. b. $300. c. $500. d. $600.