Which of the following tools of commercial policy acts as a quantitative restriction on imports?
a. Tariff
b. Subsidy
c. Health and Safety regulations
d. Quota
e. Government procurement
d
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Use the following graph to answer the next question.
Which of these lines represents the short- run aggregate supply curve?
A. 1 B. 2 C. 3 D. 4
You graduate from law school and can now begin charging clients fees for your time. What impact will this have on your demand for money?
A. Your increased income will likely cause your demand for money to increase B. Your opportunity cost of making trips to the bank will decrease C. Your demand for money will not be affected D. Your increased income will likely cause your demand for money to decrease
If the demand for a product in an increasing cost perfectly competitive industry decreases, we would expect that price in the long run would ________ and the number of firms in the market would ________.
A. decrease; decrease B. increase; increase C. decrease; increase D. increase; decrease
Average total cost is
A) total cost divided by the quantity of output produced. B) total explicit costs divided by the quantity of output produced. C) variable cost divided by the quantity of output produced. D) the change in fixed plus variable cost divided by the quantity of output produced.