A U.S. import tariff imposed on steel is likely to:
a. increase employment in the U.S. steel industry
b. increase the real incomes of steel users.
c. raise the total quantity of foreign and domestic steel sold in the United States.
d. increase employment in the economy as a whole.
a
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Which of the following statements is true of both pollution permits and corrective taxes?
a. Both policies internalize the externality of pollution. b. Both policies require firms to pay for their pollution. c. Both policies lead to the establishment of an equilibrium price of pollution. d. All of the above are correct.
Peter was recently hired as a salesman for a national consulting firm. His job involves spending a significant portion of his time out of the office visiting prospects and attending conferences. Which of the following is a strategy the consulting firm may employ to discourage Peter from shirking his responsibilities?
a. Tell Peter that the shareholders want to earn a large profit this year. b. Stop paying Peter bonuses based on how much he's sold. c. Allow Peter to set his own schedule and work from home frequently. d. Pay Peter an above-equilibrium wage.
An example of a government policy to provide a framework within which the private sector can operate productively is:
A. the taxation of savings. B. government ownership of capital. C. the suppression of political dissent. D. maintaining a well-functioning legal system.
A union can achieve higher wages without accepting lower levels of employment of members by
A) promoting right-to-work laws. B) increasing the demand for substitute products made by non-union labor. C) increasing conflicts with management. D) beginning a campaign against buying foreign imports.