Which of the following is the best example of a tariff?
A) a subsidy from the U.S. government to domestic manufacturers of residential air conditioners to enable them to compete more effectively with foreign producers
B) a limit on the quantity of residential air conditioners that can be imported from a foreign country
C) a $150 fee imposed on all imported residential air conditioners
D) a tax placed on all residential air conditioners sold in the domestic market to help offset the impact of emissions on the environment
Answer: C
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Assuming that the demand curve for cookies is downward sloping, if the price of cookies falls from $1.50 to $1.25 per dozen,
A. then the demand for cookies will fall. B. then the demand for cookies will rise. C. then a larger quantity of cookies will be demanded. D. then a smaller quantity of cookies will be demanded.
Whenever total planned expenditures differ from real GDP
A) unplanned inventories will remain unchanged. B) government spending will adjust. C) tax revenues will move the economy back to equilibrium. D) unplanned inventories will change.
Harry works at the video rental store for 20 hours per week. He's asked his boss to allow him to work 40 hours per week, but has been told that business is too slow. Harry is considered
A) a discouraged worker. B) an involuntary part-time worker. C) a marginally attached worker. D) not in the labor force. E) a job seeker.
The New York Times reported in November 2008 that 240,000 additional people lost their jobs which increased the unemployment rate to 6.5 percent
In addition, it was noted that a large number of college graduates were "taking jobs that do not require a college degree." It was also expected that "teens will be thrown out of the labor market....causing youths to miss experience" that could help them prepare for higher-skilled jobs. The article reflects the idea that unemployment is a problem because it results in A) a loss of human capital. B) fewer discouraged workers. C) a loss of income. D) a decrease in the labor force.