Which of the following would be most likely to improve the standard of living of a less-developed country?
a. development of strong labor unions.
b. more foreign investment, attracted by the expectation of economic and political stability.
c. adoption of trade barriers (higher tariffs and quotas).
d. widespread use of price controls to allocate goods and resources.
B
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Suppose a tax on buyers has been imposed in the graph shown. Once the tax is in place, the buyers purchase ____ units and pay ____ for each one.
A. 6; $22
B. 6; $34
C. 9; $18
D. 9; $30
When he was president, George W. Bush proposed drilling for oil in Alaskan wildlife preserves. If the drilling were placed and oil discovered, once a pipeline is constructed to deliver that oil, this would
A. tend to raise our trade deficit. B. tend to lower our trade deficit. C. have no effect on our trade deficit.
If a firm that has total revenue of $5 million shuts down, we may conclude that its variable costs are __________.
Fill in the blank(s) with the appropriate word(s).
If the quantity demanded for labor is more than the quantity supplied, there will be unemployment
a. True b. False Indicate whether the statement is true or false