A tariff is
A. a tax on imports.
B. a payment made by the government to producers of the product.
C. a limit on the quantity of a good that can be imported into a country.
D. a government payment made to domestic firms to encourage exports.
Answer: A
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Using the above figure, CBL is the cost of breaking the law. What is the equilibrium price and quantity if beer is legal?
A) $5 per quart and 300 quarts of beer B) $3 per quart and 500 quarts of beer C) $3 per quart and 100 quarts of beer D) $1 per quart and 300 quarts of beer
Given that most banks have positive gap and negative durations, banks prefer
A) lower market interest rates. B) higher market interest rates. C) higher market fixed rates but lower market floating rates. D) either higher or lower market interest rates since interest rates have little effect on bank profits.
Figure 9-3
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In Figure 9-3, at $5,000 billion GDP, inventories will be
A. falling, signaling businesses to increase production. B. accumulating, signaling businesses to increase production. C. accumulating, signaling businesses to cut production. D. falling, signaling businesses to cut production.
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.