In effect, tariffs on imports are
A. subsidies for foreign producers.
B. subsidies for domestic producers.
C. subsidies for domestic consumers.
D. special taxes on domestic producers.
Answer: B
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Who of the following is counted as unemployed?
A) Rene, a retired chemist B) Homer, a full-time student at a vocational school C) Kim, a worker on strike from her company for a week D) Glenn, a student who just graduated from college last week and is currently looking for a job
If all prices rise by 5 percent and money income remains constant, the new budget line will have
A) a steeper slope. B) a flatter slope. C) a positive slope. D) the same slope.
The U.S. personal saving rate ________
A) is much higher than the percentage the Chinese citizens save B) is higher than the saving rate of most countries C) cannot fall below zero D) increased by a factor of five every year since the 1970s E) none of the above
The role that prices play in directing resources away from overcrowded markets and towards markets that are underserved is known as the ________ function of price.
A. allocative B. rationing C. market D. transitive