A U.S. trade policy that restricts the sale of foreign goods in the U.S. market will
a. reduce the demand for U.S. export goods since foreigners will be less able to buy our goods if they cannot sell to us.
b. benefit producers in industries that export goods.
c. increase the nation's income since it protects domestic jobs.
d. enhance economic efficiency by allocating more resources to the areas of their greatest comparative advantage.
A
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Giffen goods
A) have not existed since prior to the Industrial Revolution. B) were proven to exist in the 1890s by Sir Robert Giffen. C) were not shown to actually exist until 2006. D) are theoretical and have never been discovered in the real world.
The "New Keynesian" macroeconomics centered on
A) the assumption of continuous market-clearing. B) the importance of technological shocks. C) the imperfectness of the information held by economic decision-makers. D) the rational reasons for slow price and wage adjustment.
Refer to the given table. Relative to column A, column B represents:Price Per UnitColumn A Units Per YearColumn B Units Per Year$20100110$308595$407080$505565$604050
A. an increase in demand. B. a decrease in supply. C. an increase in supply. D. a decrease in demand.
Which of the following is a problem with the price system that can lead to a breakdown in the coordination of economic activity?
A. The price system works silently in the background. B. Prices can be slow to adjust. C. Prices may be flexible. D. All of these