Which of the following statements is true?
a. Free trade benefits a country when it exports but harms it when it imports.
b. "Voluntary" limits on Canadian exports of hogs are better for the United States than U.S. tariffs placed on Canadian hog exports.
c. Tariffs and quotas differ in that tariffs work like a tax and therefore impose deadweight losses, whereas quotas do not impose deadweight losses.
d. Free trade benefits a country both when it exports and when it imports.
d
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A gold purchase by the U.S. Treasury
A) reduces bank reserves. B) increases bank reserves. C) increases Federal Reserve equity. D) leaves bank reserves unaffected.
Which of the following statements is true with respect to nonrenewable natural resources?
a. With proper management, more natural resources can be created. b. The economy will never run out of the resource since it can always find new supplies as the price rises. c. Economists can predict with reasonable accuracy when the supply will be depleted. d. Before the last unit is taken from the earth, the economy is likely to already have abandoned it and switched to another. e. Water is an example of a nonrenewable natural resource.
The Federal Reserve stepped in to help
A. Bear Stearns but not Lehman Brothers. B. Lehman Brothers but not Bear Stearns. C. both Bear Stearns and Lehman Brothers. D. neither Bear Stearns nor Lehman Brothers.
In the production function Y = AF(K, N), A is ________, K is ________, and N is ________.
A. the productivity of labor; the capital stock; the size of the labor force B. the productivity of labor; investment; the size of the labor force C. total factor productivity; the capital stock; the number of workers employed D. total factor productivity; investment; the number of workers employed