Import quotas on sugar result in lower sugar prices in the United States
a. True
b. False
B
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Even though households may have unlimited wants, they have to allocate their spending carefully because they
a. do not want their credit card bills to be too high b. worry about their taxes c. have limited intelligence d. have limited incomes e. basically want to become wealthy
A key assumption of the classical model is that
a. government intervention is important to get markets to clear b. prices adjust until quantity supplied equals quantity demanded c. markets never clear in the long run d. demand adjusts in order to meet supply e. prices remain constant and supply and demand adjust
Which of the following would be recorded as a U.S. merchandise export? a. An American tourist spends 10,000 francs on vacation in the south of France. b. A machine shop in Ohio purchases a grinder made in Italy. c. An American receives a $50 dividend check on stock she owns in a business in Germany
d. The U.S. government subsidizes American farmers for planting corn for export. e. France purchases a new jet fighter aircraft from the Boeing Company in the United States.
Which of the following is considered a contributive standard for the distribution of income?
A. rewarding workers according to their productivity B. rewarding workers according to the number of their dependents C. rewarding workers according to their needs D. all of these