The Motor Carrier Act of 1980 resulted in:
A. lower freight prices.
B. more firms entering the trucking industry.
C. lower value of a trucking license.
D. All of these are correct.
Answer: D
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Refer to Figure 9-4. Suppose the government allows imports of leather footwear into the United States. The market price falls to $24. What area represents domestic producer surplus?
A) T + U B) V + W + X + Y C) W + X + Y D) V
Which of the following is not another way of describing the marginal propensity to consume?
a. MPC b. The slope of the consumption function c. The change in real consumption spending divided by the change in real disposable income d. The amount by which real consumption spending rises when real disposable income increases by one dollar e. Autonomous consumption spending
If the government increases taxes, which of the following will occur in the short run?
a. An increase in GDP, an increase in the price level, an increase in money demand and an increase in the interest rate. b. An increase in GDP, an increase in the price level, a decrease in money demand and an increase in the interest rate. c. An increase in GDP, a decrease in the price level, an increase in money demand and an increase in the interest rate. d. A decrease in GDP, a decrease in the price level, a decrease in money demand and a decrease in the interest rate. e. A decrease in GDP, an increase in the price level, an increase in money demand and a decrease in the interest rate.
Workers in Adam Smith's famous pin factory example, who were proficient in pin production, then faced the problem of
a. too many different tasks. b. becoming bored with their jobs. c. having to exchange pins for other goods and services. d. not having enough pins to purchase other goods and services.