The winners from a Japanese tariff on imported cars are I. Japanese car producers. II. Japanese car consumers. III. the Japanese government
A) only I and III
B) only I
C) only II
D) I, II, and III
A
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The Phillips Curve will shift when
A) the overall employment rate remains unchanged. B) the expected inflation rate changes. C) the price level falls. D) none of the above.
Microsoft hires marketing and sales specialists to decide what prices it should set for its products, whereas a wealthy corn farmer in Iowa, who sells his output in the world commodity market, does not. Why is this so?
A) because unlike Microsoft, the wealthy corn farmer is probably a monopolist B) because the wealthy corn farmer is a price taker who chooses his optimal output independently of market price but Microsoft's optimal output depends on the price it selects C) because Microsoft could potentially lose sales if it sets prices indiscriminately D) because Microsoft is large enough to hire the best people in the field
You read a study that predicts that rising oil prices projected for this summer are certain to fuel inflation. Having taken an economics class, due to this expected change in prices, you predict that spending today will _________ and aggregate demand today will _________.
Fill in the blank(s) with the appropriate word(s).
In an open economy, the quantity demanded of bikes in the domestic market is ________.
A. 80,000 B. 20,000 C. 100,000 D. 50,000