In the classical model, real Gross Domestic Product (GDP) per year is
A) determined by supply and demand conditions together.
B) supply determined.
C) demand determined.
D) due to supply conditions plus the extent of government intervention in the economy.
B
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If the United States imposes a tariff on foreign chocolate, how are foreign producers of chocolate affected?
A) Their supply is unaffected because the quota must be met by U.S. producers. B) They export less to the United States. C) Their supply increases because they have to pay the tariff. D) The tariff has no effect on foreign producers because U.S. consumers must pay the higher price. E) They earn more profit because their chocolate sells for a higher price.
One reason that lawyers might prefer a contingent contract when representing a plaintiff in a tort case is that
A) lawyers are risk neutral. B) diversification of many cases allows lawyers to reduce risk. C) lawyers are typically confident about winning every case. D) hourly rates for lawyers are usually very low.
Which of the following is not correct concerning quotas?
a. The enactment of quotas rewards domestic producers with higher prices. b. The enactment of quotas creates opportunities for lobbyists to seek the perpetuation of quotas. c. Quotas on steel, textiles and apparel, and sugar have been in effect for several decades. d. Lobbying efforts by domestic producers and foreign exporters are vigorously fought by domestic consumers. e. The auctioning of quotas would reduce their attractiveness to foreign exporters.
The market demand for a good is derived by summing all the individual demands
Indicate whether the statement is true or false