A movement along a demand curve is called a change in
a. income
b. quantity demanded
c. demand
d. tastes
e. population
B
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Briefly define a tariff and a quota. Do any of these methods restrict trade without harming domestic consumers?
What will be an ideal response?
The "naïve" Keynesian model is unrealistic because it
A. Does not take into account probable changes in the price level as the economy approaches full employment. B. Assumes that AS is upward sloping when it is more probably horizontal. C. Assumes that the price level decreases as AD increases. D. Does not account for changes in output due to the multiplier.
In purchasing products A and B, a consumer is in equilibrium when:
A) MUa/Pa = MUb/Pb B) MUa/Pb = MUb/Pa C) MUa - MUb = Pa/Pb D) MUa × Pa = MUb × Pb
An example of a government policy to provide a framework within which the private sector can operate productively is:
A. establishing well-defined property rights. B. government ownership of capital. C. the suppression of political dissent. D. the taxation of savings.