A(n) ________ is a trade policy by which a nation agrees to limit its exports of a good in order to avoid more restrictive trade policies.
A. tariff
B. voluntary export restraint (VER)
C. import quota
D. import ban
Answer: B
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Some argue that Sweden's generous welfare benefits, which pay people who lose their jobs as much as 80 percent of previous incomes for three years, has resulted in too-high unemployment. This can be seen as an example of:
A. government not correcting externalities produced by the market. B. globalization causing hardworking youth to emigrate. C. market failure due to unfair conditions produced by the labor market. D. government failure in fostering a competitive market environment.
What is the economic way of thinking, and why is it important?
What will be an ideal response?
Based on wage setting behavior, we know that a reduction in the unemployment rate will cause
A) no change in the real wage. B) a reduction in the real wage. C) an increase in the real wage. D) an upward shift of the WS curve.
Open market operations by the Federal Reserve System include
A) Purchasing government securities from banks and other depository institutions. B) Selling bonds to banks to expand their lending capacity. C) Buying or selling of government bonds by the BMOC. D) None of the above.