A new U.S. import quota on imported steel would be likely to:
a. raise the cost of production to steel-using American firms.
b. generate tax revenue to the government
c. decrease U.S. production of steel.
d. increase the production of steel-using American firms.
a
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Refer to Figure 2-12. What is the opportunity cost of producing one gallon of milk in Tahiti?
A) 5/6 of a gallon of honey B) 1.5 gallons of honey C) 1.2 gallons of honey D) 1/2 of a gallon of honey
The supply of loanable funds is equal to the supply of saving in the economy. The three sources of saving in an economy include all of the following except
A) households. B) businesses. C) the government. D) the foreign sector.
Economic growth can be pictured in a production possibilities curve diagram by
A) shifting the production possibilities curve in. B) shifting the production possibilities curve out. C) making the production possibilities curve straighter. D) moving from a point inside the production possibilities curve to a point on the curve.
Educational policy in most developing countries focuses too much on primary and secondary education and not enough on higher education.
Answer the following statement true (T) or false (F)