If France limits the showing of U.S. produced television shows to 2 hours per day,
A. this is the same as a tariff.
B. this is the same as a quota.
C. economists would not call this a limit on trade, since it is a service.
D. this make U.S. producers of television wealthier than they would otherwise be.
Answer: B
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Which of the following is NOT a key financial service provided by the financial system?
A) risk sharing B) profitability C) liquidity D) information
The gap between the actual and predicted values of a dependent variable is called
A) the error term. B) an exogenous factor. C) the residual. D) an endogenous factor.
The imposition of a new excise tax will
A) increase equilibrium price and increase equilibrium quantity. B) increase equilibrium price and decrease equilibrium quantity. C) decrease equilibrium price and increase equilibrium quantity. D) decrease equilibrium price and decrease equilibrium quantity.
A country currently is using all its land to produce wheat and grapes. However, the land most suited to growing grapes is being used to produce wheat, and the land most suited to growing wheat is being used to produce grapes. Which of the following statements is true?
a. Production of both wheat and grapes can be increased by shifting tracts of land to their best uses. b. Production of both wheat and grapes can be increased only if more land becomes available. c. production of wheat can increase only if production of grapes decreases. d. Production of grapes can increase only if more labor and machinery become available. e. Production of neither wheat nor grapes is possible without more land becoming available.