What can be expected to happen in a country that enacts trade barriers?
A. The rate of population growth will decrease.
B. The rate of economic growth will decrease.
C. The rate of immigration will increase.
D. The rate of technological innovation will increase.
Answer: B
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Given a typical demand curve and a decline in price, the consumer who wishes to maximize total utility must increase the quantity purchased of a good to arrive at an optimal MU = P point.
Answer the following statement true (T) or false (F)
The open lands in the early West were overgrazed largely because no one owned the land being used for grazing.
Answer the following statement true (T) or false (F)
Price controls are usually enacted when policymakers believe that the market price of a good or service is unfair to buyers or sellers
a. True b. False Indicate whether the statement is true or false
If real GDP doubles and the GDP deflator doubles, then nominal GDP
a. remains constant. b. doubles. c. triples. d. quadruples.