When an economy experiences a recession there is
A) a rightward shift of the short-run Phillips curve.
B) a leftward shift of the short-run Phillips curve.
C) no change in the short-run Phillips curve.
D) a downward movement along the short-run Phillips curve.
E) an upward movement along the short-run Phillips curve.
D
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Refer to the table above. Maximum social surplus is:
A) $10. B) $12. C) $14. D) $16.
Import quotas
A) are the same as tariffs. B) set the maximum quantity of a good that can be imported. C) are not used by the United States. D) set the minimum percentage of the value of a product that must consist of imported components.
A product is considered to be nonexcludable if
A) you cannot keep those who did not pay for the item from enjoying its benefits. B) it is jointly owned by all members of a community. C) your consumption of the product reduces the quantity available for others to consume. D) you can keep those who did not pay for the item from enjoying its benefits.
The argument that calls for the trade protection of only newly developing industries is known as the ________ argument.
A. learning by doing B. predatory dumping C. infant industry D. developing nation