Recall the Application about the cost of using import restrictions to protect jobs in the lumber industry to answer the following question(s).Recall the Application. Which of the following is true of import restrictions used to protect jobs in the softwood timber industry?
A. Softwood lumber is subject to both import quotas and tariffs.
B. These policies protect only a small number of jobs in the industry.
C. The cost per job protected is approximately $1 million per year.
D. All of these
Answer: D
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Refer to Figure 13-2. Ceteris paribus, an increase in the expected future price level would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
A specific tax of $1 per unit of output will affect a firm's
A) average total cost, average variable cost, average fixed cost, and marginal cost. B) average total cost, average variable cost, and average fixed cost. C) average total cost, average variable cost, and marginal cost. D) marginal cost only.
The most commonly used price index to track changes in prices for the typical household in the U.S. is:
A. consumer price index. B. average price index. C. retail price index. D. producer price index.
Most states have instituted mandatory seatbelt laws to reduce traffic fatalities. An economist may point out that an unintended effect of these laws is
A) an increase in the price of automobiles, further reducing fatalities. B) an increase in driving speed, reducing the number of accidents. C) a decrease in driving speed, further reducing fatalities. D) an increase in risky driving behavior, increasing fatalities.