Suppose a quota on foreign-made automobiles is proposed in Congress. Which of the following groups is most likely to oppose the bill?
A. American Automobiles Manufacturers
B. consumers
C. American Steel Workers
D. United Auto Workers
Answer: B
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If the absolute value of slope of the demand curve is 2.5, price is $6 per unit, and the quantity demanded is 8 units, then the price elasticity of demand is:
A. 1. 6. B. 0.3. C. 1.875. D. 0. 533.
Which of the following is an example of an application of the ceteris paribus assumption?
A) An analysis of how price changes affect how much of a good people will purchase when all other factors are held constant B) An analysis of how people purchase more goods when prices decline and income increases C) After reading an article on the dangers of high-fat diets, an individual buys less red meat when prices increase D) An analysis of how worker productivity increases when a firm invests in new machines and training programs
In the long run, a change in the money supply does not affect the natural rate of unemployment because: a. the aggregate demand curve is vertical
b. the aggregate demand curve is downward sloping. c. the long-run aggregate supply curve is vertical. d. the long-run aggregate supply curve is upward sloping. e. the long-run aggregate supply curve is horizontal.
The Consumer Price Index (CPI) excludes goods imported from other countries and consumed by residents of the United States
a. True b. False