In developed countries, tariffs are generally imposed _____
a. because they generate a large portion of federal revenue
b. because they discourage imports
c. because they are equitable
d. because they are efficient
b
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Would a change in the price of in-line skates cause a change in the supply of in-line skates? Why or why not?
What will be an ideal response?
By drawing a demand curve with price on the vertical axis and quantity on the horizontal axis, economists assume that the most important determinant of the demand for a good is
A) consumer tastes and preferences. B) the quality of the good. C) the price of the good. D) consumer income.
The most significant change in the economic environment that changed the demand for financial products in recent years has been
A) the aging of the baby-boomer generation. B) the dramatic increase in the volatility of interest rates. C) the dramatic increase in competition from foreign banks. D) the deregulation of financial institutions.
Suppose that the production function for the economy is Y = AK1/4L3/4. Assume that real GDP is $8,000 billion, capital stock is $32,000 billion, and the labor supply is 120 million (or 0.120 billion) workers
Total factor productivity for this economy is A) 16.50 B) 1,016.52 C) 2,083.33 D) 2,933.65