An agreement with another country in which it agrees to import more from the United States is called a
A) VRA.
B) VIE.
C) VAR.
D) VAT.
B
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If Bobby thinks that leisure is an inferior good, then his labor supply curve
A) is backward bending. B) is always negatively sloped. C) is always positively sloped. D) does not exist.
In order to get children to eat all the food they've served, regardless of their hunger, mothers have relied for decades on the argument that "there are starving children in Africa." Assuming the presence of hungry children on another continent does not affect the utility you derive from the food on your plate, if you choose to force down food based on this argument, you are:
A. acting rationally. B. caring more about starving children than your own well-being. C. acting irrationally. D. doing your part in the fight against world hunger.
In international trade, an infant industry is one:
a. that protects firms that produce products for infants. b. with a large number of very small firms. c. in which the firms are experiencing very small profits. d. in the early stages of its development.
The effect of a tariff is
A) an increase in consumers' surplus. B) a decrease in producers' surplus. C) an increase in tariff revenues for government. D) b and c E) all of the above