The U.S. tariff law that set off an international trade war in the 1930s was the
A. Smoot-Hawley tariff.
B. Bentsen-Gephardt tariff.
C. Landrum-Griffin tariff.
D. Taft-Hartley tariff.
Answer: A
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Large and long-continued increases in the demand for electricity will tend to result in
A) a higher cost of generating electricity. B) a higher price for electricity but no increase in the cost of generating it. C) a reduction in the quantity of electricity demanded as a consequence of higher prices. D) an increase in the quantity of electricity demanded and hence a decrease in its price.
When a firm is experiencing economies of scale, the minimum point of the firm's short-run average total cost curve shifts down as it expands its scale of production
Indicate whether the statement is true or false
Suppose labor supply declined. Would this affect the aggregate demand curve or the aggregate supply curve? What would be the effect on output and the price level?
What will be an ideal response?
All of the following are true, except
a. Bubbles are prices that cannot be explained by normal economic forces b. Many economists don't think bubbles exist c. Many economists have a clear idea about how to model bubbles d. All of the above are true