Which of the following statements is true with respect to a tariff on imported cheese?
a. It lowers the price of cheese.
b. It lowers domestic cheese producers' profit.
c. It creates tax revenues for the government.
d. It cannot result in retaliation.
e. It increases the amount of foreign cheese sold on domestic markets.
C
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On a time-series graph, time is typically shown
A) as an area. B) along the x-axis. C) along the y-axis. D) as an implicit variable held constant.
How can economic growth help a country combat "brain drain"?
A) Economic growth combined with decreasing returns to human capital require workers to achieve steadily higher and higher levels of education over time. B) Economic growth opens up opportunities for better jobs and higher incomes for skilled workers. C) Economic growth allows highly skilled persons to earn more in a foreign country than in their native country. D) Economic growth increases the incomes of low-skilled workers relative to high-skilled workers.
The _____ effect indicates that an individual's income can buy more of all goods when the price of one good declines, everything else held constant
a. scale b. endowment c. substitution d. price e. income
Because monetary stimulus overwhelmed fiscal contraction in the United States during the 1992- 2000 period,
a. real GDP grew. b. real GDP decreased. c. the rate of inflation increased. d. the budget deficit increased.