A tax on an imported good that raises its price is called a
A. tariff.
B. quota.
C. comparative advantage.
D. comparative disadvantage.
A. tariff.
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A decrease in the personal income tax rate ________ disposable income which ________ consumption
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
The above figure illustrates Mary's production possibilities frontier. Which of the following movements show opportunity costs increasing?
A) point a to point b to point c B) point a to point f C) point f to point a D) point c to point f to point d
Everything else held constant, a decrease in government spending will cause the IS curve to shift to the ________ and aggregate demand will ________
A) right; increase B) right; decrease C) left; increase D) left; decrease
Which of the following would not be true of a competitive labor market?
A. Wages would be determined by supply and demand. B. The demand curve for labor would be derived like the demand curve for any other input. C. The demand curve for labor would be the downward-sloping portion of the MRP curve. D. Labor supply would be determined by the marginal revenue product curve.