Measuring the impact of a quota or tariff on the U.S. economy is an example of ________. Stating that a quota or tariff should be eliminated is an example of ________
A) statistical analysis; economic analysis
B) positive analysis; normative analysis
C) econometric analysis; protectionism
D) trade analysis; an opinion
Answer: B
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You are running a small yard maintenance business for the summer. What do you expect to happen to the number of yards you can maintain in a day as you add workers if you don't purchase more capital equipment (like mowers and leaf blowers)?
What will be an ideal response?
The figure above illustrates the current market for workers in Lima, Peru
a) Without any government intervention, what is the equilibrium wage rate and amount of employment? b) If the city government imposes a minimum wage of $3 an hour, what is the amount of employment? Does the minimum wage create any unemployment? Why or why not? c) If the city government imposes a minimum wage of $6 an hour, what is the amount of employment? Does the minimum wage create any unemployment? Why or why not?
In economics, all the items that people would consume if they had unlimited income are known as
A) wants. B) aggregates. C) outputs. D) needs.
Money serves as a basic yardstick for measuring economic value (a unit of account), allowing:
A. governments to restrict the issuance of private monies. B. people to hold their wealth in a liquid form. C. easy comparison of the relative prices of goods and services. D. goods and services to be exchanged with a double coincidence of wants.