A voluntary export restraint is an agreement negotiated by two countries that places ________ that can be imported by one country from another country
A) a tax on goods
B) a minimum quantity of a good
C) quality standards on goods
D) a numerical limit on the quantity of a good
Answer: D
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Suppose the market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, both measured in millions of gallons of ice cream per year. Suppose the government imposes a $0.50 tax on each gallon of ice cream. The government revenue raised by the tax is:
A. $944,444. B. $2.67 million. C. $1.83 million. D. $4.50 million.
Which of the following is NOT true for a perfectly competitive firm?
A) P = MR B) AR = MR C) MR = TR D) P = AR
If minimum wage legislation does cause unemployment, then:
A. those who are lucky enough to land jobs benefit. B. those who become unemployed as a result lose. C. firms will not bear the entire burden of the higher cost of employment. D. All of these are true.
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.