If a government pursues the industrial policy of import substitution, it is:
A. protecting domestic industries until they are efficient enough to compete in the world market.
B. giving consumers incentive to substitute imported goods for those domestically produced.
C. encouraging domestic industries to ship imports to other countries.
D. mandating that imports can only be sold if the domestic economy does not produce that particular good.
A. protecting domestic industries until they are efficient enough to compete in the world market.
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Which of the following is a common mistake managers make?
A. Treating implicit opportunity costs as part of the total costs of using resources. B. Maximizing the value of the firm instead of maximizing the firm's profits. C. Using marginal analysis to make output decisions. D. Reducing price to increase the firm's share of total market sales. E. all of the above.
Which of the following would cause the U.S. dollar to depreciate against the Japanese yen?
A. greater popularity of U.S. exports in Japan B. a higher price level in Japan C. higher real interest rates in the United States D. higher incomes in the United States
If a consumer is at an optimum, consuming A and B, and the price of B decreases, then to get to a new equilibrium the consumer must
A. purchase more A. B. purchase less A. C. purchase more of both A and B. D. purchase less B.
The only rental house available at your favorite lake on July 4th is out of your price range. This is an example of:
A. a resource constraint. B. why you should have a yard sale. C. an infringement upon your freedoms enjoyed as a patriotic American. D. why everyone isn't already doing it.