Refer to Figure 9-3. What is the area that represents revenue to foreign producers who are granted permission to sell in the U.S. market when there is a quota?
A) I + J + K+ L B) E + I + J + M C) I + J D) G + H + I + J
A
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Suppose that workers decrease their taste for leisure, and thus require less time away from work. What is likely to happen to wages and the quantity of labor hired?
A) wages increase, quantity of labor hired decreases B) wages increase, quantity of labor hired increases C) wages decrease, quantity of labor hired decreases D) wages decrease, quantity of labor hired increases
Long-distance travel by bus is an inferior good. As people's incomes increase and other things remain the same, you predict that the
A) price of long-distance travel by bus will fall and the demand for long-distance travel by bus will increase. B) price of long-distance travel by bus will fall. C) demand for long-distance travel by bus will decrease and the price will rise. D) demand for long-distance travel by bus will increase as the price of long-distance travel by bus falls.
Refer to the above table. What is the GDP price index in Year 1?
105.2 111.5 108.3 109.6
Which of the following is a question answered with positive economic analysis?
A) If the college increased its eligibility requirements for enrollment, will class sizes decline? B) Should the college charge higher tuition for part-time students? C) Should the college eliminate its athletic program to cut its costs? D) Should the college reduce tuition for out-of-state residents?