Refer to Figure 9-5. If the tariff was replaced by a quota which limited coffee imports to 20 million pounds, the amount of revenue received by coffee importers would equal
A) $5 million. B) $15 million. C) $50 million. D) $78 million.
C
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If a measure of real GDP could include the value of leisure time, measured real GDP would increase
Indicate whether the statement is true or false
Which of the following best represents the consumption function?
A) consumption = autonomous consumption + (the marginal propensity to consume × disposable income) B) consumption = disposable income - (autonomous consumption / the marginal propensity to consume) C) consumption = disposable income × (1 / 1 - the marginal propensity to consume) D) consumption = autonomous consumption + (the marginal propensity to consume × transfer payments) / disposable income
The market structure in which the largest quantity of output is sold at the minimum possible price is:
a. monopoly. b. perfect competition. c. oligopoly. d. monopolistic competition. e. monopsony.
Which of the following would be most indicative of a shift to a more restrictive monetary policy?
a. Rapid expansion in the monetary base, higher short-term interest rates, and a decline in the growth rate of the M1 money supply. b. Rapid expansion in the monetary base, declining short-term interest rates, and an increase in the growth rate of the M2 money supply. c. A reduction in the monetary base, higher short-term interest rates, and a decline in the growth rate of the M2 money supply. d. A reduction in the monetary base, lower short-term interest rates, and a decline in the growth rate of the M1 money supply.