A supply restriction that restricts the amount of a good that can be imported is a(n)
A) price floor.
B) price ceiling.
C) black market.
D) import quota.
D
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When price is above the equilibrium level, suppliers offer more than demanders wish to buy.
Answer the following statement true (T) or false (F)
If skilled and unskilled labor are substitutes, then an increased minimum wage would tend to
A) reduce the demand for both unskilled and skilled workers. B) reduce the quantity demanded of unskilled workers and increase the demand for skilled workers. C) reduce the demand for unskilled workers and increase the quantity demanded of unskilled workers. D) reduce the quantity demanded for both unskilled and skilled workers.
If the case study on U.S. / China trade is correct in its analysis of factor abundance,
A) Chinese capital owners should see their income rise as trade increases. B) U.S. skilled labor inputs should see their incomes fall as trade increases. C) U.S. capital owners should see their income fall as trade increases. D) Chinese unskilled labor should see their income rise as trade increases.
If the nominal interest rate was 12 percent and the inflation rate was 10 percent in 1980, while the nominal interest rate was 7 percent and the inflation rate was 2 percent in 2001, then
A. real rates were higher in 2001. B. real rates were higher in 1980. C. credit was more expensive in 1980. D. credit was cheaper in 2001 because the nominal rate was lower.