Refer to Figure 7-2. Without the tariff in place, the United States consumes
A) 12 million pounds of coffee. B) 26 million pounds of coffee.
C) 33 million pounds of coffee. D) 45 million pounds of coffee.
D
You might also like to view...
The tendency of opportunity cost to increase as production increases
A. is an example of theory that has not been proven by facts. B. is a general principle, but not a universal fact. C. is a universal fact, with no known exceptions. D. rarely holds in reality, but is a useful theory. E. cannot be tested with standard economic tools.
The United States is a net importer of capital. This means
a. that U.S. citizens own more foreign assets than foreigners own U.S. assets b. that citizens of other countries are buying more U.S. assets than U.S. citizens are buying foreign assets c. only that U.S. citizens own foreign assets d. only that foreign citizens own U.S. assets e. either that U.S. citizens own foreign assets or that foreign citizens own U.S. assets
Which of the following is true of hyperinflation?
a. It causes the value of a currency to deteriorate so quickly that people become reluctant to hold that currency. b. It is a situation in which people hoard currency expecting its value to increase in recent future. c. It is a simultaneous increase in inflation and decrease in the quality of products. d. It occurred in the United States in the 1970s. e. It is a synonym for cost-push inflation.
The main purpose of federal deposit insurance is to
A. permit the Federal Reserve to control the money supply. B. prevent borrowers who are likely to default on their loans from getting loans in the first place. C. prevent bank panics. D. put savings and loan associations on an equal competitive footing with commercial banks.