Exchange controls in Peru _________
a. reduce quotas
b. are illegal
c. reduce tariffs
d. are designed to float the exchange rate
e. will ease the pressure on Peru's foreign exchange reserves if its exchange rate is fixed
E
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Lucky buys hats for $20 but Lucky will not sell one of her hats for less than $35. Lucky is ________
A) displaying the endowment effect B) making decisions using her prefrontal cortex C) exhibiting bounded self-interest D) showing unbounded will power
Between 1965 and 1972, eight major pieces of consumer-protection legislation were enacted. This burst of legislative activity was largely related to:
a. increased public fears following the thalidomide tragedy. b. public outcry following a series of steamboat explosions. c. a general lack of faith in the market. d. widespread support for the "Reagan Revolution.".
Studies of the minimum wage suggest that the price elasticity of demand for teenage workers is relatively inelastic. This means that:
A. an increase in the minimum wage would increase the total incomes of teenage workers as a group. B. an increase in the minimum wage would decrease the total incomes of teenage workers as a group. C. the unemployment effect of an increase in the minimum wage would be relatively large. D. the cross elasticity of demand between teenage and adult workers is positive and very large.
If the price of a product increases
A. there is an increase in quantity supplied and a decrease in demand. B. there is an increase in quantity supplied and a decrease in quantity demanded. C. there is an increase in supply and a decrease in quantity demanded. D. there is an increase in supply and a decrease in demand.