A supply restriction that restricts the amount of a good that can be imported is a(n)
A. black market.
B. import quota.
C. white market.
D. tariff.
Answer: B
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Which of the following statements is false?
A) Richer countries tend to be found in North America, Western Europe, and Japan. B) Countries with large populations tend to be rich. C) Growth of per capita GNP tends to be quite stable about 1.5-3 percent per year in industrialized countries. D) Over the past several decades, growth of per capita GNP tends to be higher on average in industrialized countries than in low or middle-income countries.
According to the textbook, in which of the following countries was tipping found to occur very infrequently?
A) Mexico B) United States C) Egypt D) Vietnam
If the graph shown represents Stella's budget constraint, and she has income of $48 to spend on these two items, Stella could choose which consumption bundle?
A. Two pairs of earrings and four hairbands B. One pair of earrings and seven hairbands C. Three pairs of earrings and six hairbands D. Four pairs of earrings and eight hairbands
When firms set prices by adding a fixed percentage markup to marginal costs, they are likely
A) concerned with the rate of profit rather than its net amount. B) earning a satisfactory rather than a maximum profit. C) exploiting their customers. D) poorly managed. E) searching for the most advantageous prices to set on the basis of limited information.