Price fixing tends to result in ________ prices and ________ society's wealth
A) higher; increases
B) higher; reduces
C) lower; increases
D) lower; reduces
B
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Monetarists differ from Classical economists in that they argue that
A) changes in the money supply affect only the price level in the long run. B) velocity is not fixed but is predictable. C) the economy tends to be stable around full employment. D) the demand for money is a fixed fraction of nominal GDP.
Straight line pay for performance
a. Provides an incentive to increase performance b. Breaks the link between meeting a particular budget target and compensation c. Rewards the manager for doing more and punishes them for doing less d. All of the above
Which of the following statements about voting is NOT true?
a. Voting theory posits that a majority vote by itself may indicate nothing at all about society's preferences. b. In those situations where voting does occur, it can have imperfections, just like markets might. c. There will be occasions when voters can advance their individual interests by misrepresenting their preferences or purchasing each other's votes. d. It is possible to devise a voting method in which the outcomes always have certain desirable properties for all possible sets of voter preferences.
The figure below represents the U.S. market for steel imports from Korea. The Korean government provides an export subsidy of $25 per ton, and Korean firms use the subsidy to reduce their export price to the United States to $375 per ton.
Suppose the United States imposes a countervailing duty on the imports of steel at the rate of $25 per ton. What is the amount of revenue collected by the U.S. government by imposing this countervailing duty?
A. $3.75 billion B. $750 million C. $4.125 billion D. $375 million