A tariff is
A. a voluntary agreement to restrict exports.
B. a tax on imported goods.
C. a subsidy on domestically produced goods.
D. a government-imposed restriction on the quantity of a specific good that can be imported into the country.
Ans: B. a tax on imported goods.
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What is measured on the horizontal axis of the aggregate demand/aggregate supply model?
A) real wealth B) real Gross Domestic Product (GDP) C) prices D) nominal income
Andrew's utility of wealth schedule is depicted in the above table. Andrew is offered a job as a cook which pays $10,000. He is also offered a job as a server which will pay $5,000 if tips are poor and $15,000 if tips are good
There is a 50 percent chance that tips will be poor and a 50 percent chance that tips will be good. Given the nature of Andrew's job offers and his utility of wealth schedule, Andrew will A) accept the offer to work as a server. B) accept the offer to work as a cook. C) be indifferent between working as a cook or a server. D) be unable to reach a decision about which offer to accept.
Ceteris paribus, an increase in the government's budget deficit will increase the current account deficit
Indicate whether the statement is true or false
Kelly is an attorney and also an excellent typist. She can type 120 words per minute, but she is pressed for time because she has all the legal work she can handle at $75 per hour. Kelly's friend Todd works as a waiter and would like some typing work (provided that he can make at least his wage as a waiter, which is $25 per hour). Todd can only type 60 words per minute. a. Kelly should do all
the typing because she is faster. b. Todd should do the typing as long as his earnings are more than $25 and less than $37.50 per hour. c. Unless Todd can match Kelly's typing speed, he should remain a waiter. d. Todd should do the typing, and Kelly should pay him $20 per hour.