What is the effect of import restrictions on prices?
(A) They cause prices to drop.
(B) They often cause prices to rise steeply and then drop.
(C) They usually do not have any lasting effect on price.
(D) They cause prices to rise.
Ans: (D) They cause prices to rise.
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An economic system is the organizations and methods used to determine:
a. what goods and services are produced. b. how goods and services are produced. c. for whom goods and services are produced. d. all of these.
Which of the following is a common way of measuring the average standard of living?
a. The unemployment rate plus the inflation rate b. Real GDP divided by the price level c. The unemployment rate multiplied by the population d. Real GDP divided by the population e. Inflation rate divided by the population
Even small differences in annual growth rates matter because ______.
a. considerable sums of money are involved b. they provide key indicators for the future c. governments use them to set tax rates d. differences are compounded over time
The Congress of Industrial Organizations (CIO) was formed in 1938 by
A) John L. Lewis. B) Samuel Gompers. C) Walter Reuther. D) Ralph Nader.