The "Buy American" policy is equivalent to a(n):
A. Tariff
B. Quota
C. Export subsidy
D. Voluntary export restriction
B. Quota
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A firm's revenue minus its factor payments equals
a. zero. b. the profits or losses earned by the firm. c. the quasi-rents earned by the factors of production. d. the firm's total revenue.
Consumption functions would shift downward if
A. disposable incomes fall. B. disposable incomes rise. C. price levels fall. D. price levels rise.
If people assume that future rates of inflation will ________, they are said to have adaptive expectations
A) not be related to inflation rates of the past B) follow the pattern of inflation rates in the past C) be higher than inflation rates of the past D) be lower than inflation rates of the past
Some behavioral economists explain the so-called "endowment effect" to be a consequence of people's tendency to:
A. Feel gains more intensely than losses B. Feel losses more intensely than gains C. Focus mentally on a recently-viewed number D. Feel strongly about fairness and generosity