An American farmer sells produce to an individual living in Bermuda. To Americans, the produce is a(n)
A) import.
B) export.
C) quota.
D) tariff.
B
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Many economists believe the Fed was in large part responsible for bringing about the Great Moderation, gaining more credibility as it transitioned away from ________ and more towards ________
A) fiscal policy; monetary policy B) discretionary policy; a rules policy C) monetary rules; discretionary rules D) targeting inflation; targeting unemployment
Behavioral economists accept that people ________ their well-being but sometimes ________.
A. try to minimize; maximize it B. try to maximize; make mistakes C. try to maximize; maximize their bad choices D. try to maximize; purposefully engage in less than optimal behavior.
Suppose that in a computer factory, if there is 1 worker, 80 computers are produced per week. If there are 2 workers, 150 computers are produced per week. If there are 3 workers, 210 computers are produced per week. Given this information, there
A) is diminishing marginal product. B) are too many workers. C) are not enough workers. D) is increasing marginal product.
Which of the following is the best example of a voluntary export restraint?
A) a limit set by the Japanese government on the number of sports utility vehicles that the United States can import from Japan B) a subsidy granted by the U.S. government to domestic sports utility vehicle manufacturers so they can compete more effectively with foreign sports utility vehicle manufacturers C) a tax placed on all sports utility vehicles sold in the domestic market D) a $5,000 per-car fee imposed on all sports utility vehicles imported into the United States