If a good is imported into (large) country H from country F, then the imposition of a tariff in country H
A) raises the price of the good in both countries (the "Law of One Price").
B) raises the price in country H and cannot affect its price in country F.
C) lowers the price of the good in both countries.
D) lowers the price of the good in H and could raise it in F.
E) raises the price of the good in H and lowers it in F.
E
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If an economy is producing a level of output which is higher than the equilibrium level, planned expenditures ________ total output and ________ goods and services are being produced than are being demanded
A) exceed; more B) exceed; fewer C) are less than; fewer D) are less than; more
Identify four reasons for high entry barriers. Briefly explain each reason
What will be an ideal response?
Economists use the term shocks to mean
A) unexpected government actions that affect the economy. B) typically unpredictable forces that have major impacts on the economy. C) sudden rises in oil prices. D) the business cycle.
One of the following is a regression example for which Entity and Time Fixed Effects could be used: a study of the effect of
A) minimum wages on teenage employment using annual data from the 48 contiguous states in 2006 . B) various performance statistics on the (log of) salaries of baseball pitchers in the American League and the National League in 2005 and 2006. C) inflation and inflationary expectations on unemployment rates in the United States, using quarterly data from 1960-2006. D) drinking alcohol on the GPA of 150 students at your university, controlling for incoming SAT scores.