What is a tariff?
a specific limit on the quantity of an import (import quota)
a specific limit on the quantity of an export
a tax on an import
a government subsidy that pays part of the exporter's production costs
a tax on an import
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The idea that business fluctuations are primarily caused by factors affecting aggregate supply rather than aggregate demand is a central tenet of
A. efficiency wage theory. B. mainstream economics. C. real business cycle theory. D. monetarism.
When tax revenue ________ outlays is positive, then the government has a budget ________
A) minus; surplus B) divided by; surplus C) minus; deficit D) plus; deficit E) plus; surplus
M1 has decreased in its usefulness in understanding inflation due to:
A. more reliance on the use of currency. B. the increased use of checks in the economy. C. the introduction of money market mutual fund shares and similar checking substitutes. D. the increased use of electronic payments.
Human capital refers to the
A) accumulated financial capital people have acquired. B) accumulated skill and knowledge of human beings. C) accumulation of money by human beings. D) accumulation of money and equipment used by human beings. E) accumulated equipment used by human beings.