A firm's demand curve for labor services:
A. will not change if technology changes.
B. is not related to the price of the firm's output.
C. depends on the amount of other inputs used by the firm.
D. is independent of the demand for the firm's output.
Answer: C
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Refer to Figure 9-3. What is the value of revenue to foreign producers who are granted permission to sell in the U.S. market when there is a quota?
A) $12 million B) $17.25 million C) $20 million D) $44 million
If the government were to decrease its spending, it would expect aggregate demand to:
A. fall, and thus GDP to fall. B. rise, and thus GDP to fall. C. fall, and thus GDP to rise. D. rise, and thus GDP to rise.
Briefly explain the four rationales for efficiency wages
Which one of the following statements about tariffs and quotas is correct?
A. Only the tariff produces revenues for the government. B. Only the quota will cause domestic production to increase. C. Only the quota will cause domestic prices paid by consumers to increase. D. Only the quota will cause the quantity of imports to decrease.