If import restrictions prohibit foreigners from selling various goods in the U.S. market,
a. the United States will be able to export more goods abroad.
b. foreigners will have fewer U.S. dollars with which to buy goods from Americans.
c. the United States will be able to produce a larger output than would otherwise be the case.
d. the domestic producers in the protected industries will supply goods to U.S. consumers at lower prices than would otherwise be the case.
B
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In a perfectly competitive labor market
a. all firms are wage takers b. all firms are wage searchers c. all firms sell their output at a constant price d. none of the firms that demand labor can be monopolists e. some firms may be able to influence the wage rate as long as most firms cannot
One of the reasons why the Phillips curve is no longer viewed as a "menu" of possible choices available to policy makers is that
a. in the 1970s and 1980s there was no inflation at all. b. analysis indicates there was no such "menu" in the 1960s. c. in the 1970s and 1980s much inflation came from the supply side. d. economic theory is unable to explain the curve and, therefore, it has been rejected.
If in the economy, business saving equals $240 billion, household saving equals $15 billion and government saving equals -$150 billion, what is the value of national saving?
A. $265 billion B. $250 billion C. $105 billion D. $415 billion
If a bottle of soda and bottled juice are substitutes, when the price of soda rises
A) demand for bottled juice rises. B) demand for bottled juice falls. C) quantity of bottled juice demanded falls. D) quantity of bottled juice demanded rises.