If a nation restricts imports, it will:
A. harm each individual citizen in that nation.
B. benefit each individual citizen in that nation.
C. decrease the total value of goods and services produced in that nation.
D. increase the total value of goods and services produced in that nation.
Answer: C
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Efficiency is defined as minimizing waste.
Answer the following statement true (T) or false (F)
Which of the following is NOT a component of value added of a firm?
A) profits B) wages C) interest D) expenditures on intermediate goods
Refer to the above figure. A price control has been set which has led to a surplus. This means that a
A) price ceiling has been set at P1. B) price floor has been set at P1. C) price ceiling has been set at P2. D) price floor has been set at P2.
According to the rational expectations school, when monetary policy makers do exactly what is expected of them, their efforts to stimulate the economy will have no effect on employment
a. True b. False Indicate whether the statement is true or false