Reducing existing tariffs on tomatoes would:
a. reduce imports of tomatoes
b. increase U.S. consumption of domestically produced tomatoes.
c. decrease total U.S. consumption of tomatoes.
d. none of the above
d
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If the government eliminated unemployment benefit payments what would be the effect on the level of real GDP and well being in the economy?
Both screening and signaling:
A. correct inefficiency in the market. B. can increase surplus gained in a market. C. allow more transactions to take place that are valuable to buyers and sellers. D. All of these statements are true.
Suppose we compare the average growth rates of output for Republican and Democratic administrations. In which year, on average, is the difference in growth rates for Republican and Democratic administrations greatest?
A) first B) second C) third D) fourth E) the growth rates are nearly identical for both parties
Price floors
A. provide free market incentives for producers. B. are used by advocates of the free market. C. create surpluses by setting the price above equilibrium. D. create shortages by setting the price above equilibrium.