Which of the following statements about trade barriers is true?
A. The economic costs of trade barriers exceed their economic benefits, creating an efficiency loss for society.
B. The economic benefits of trade barriers exceed their economic costs in developing nations.
C. It is impossible to estimate the benefits of trade barriers.
D. The economic costs and benefits of trade barriers are about equal.
Answer: A
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If the price elasticity of demand for a product measures .45,
a. this good has many available substitutes. b. this good must be a nonessential good. c. this good is a high-priced good. d. a decrease in price will increase total revenue. e. this good is demand price inelastic.
If workers expect inflation, and negotiate wage increases that exactly match price increases, the result is a
a. horizontal aggregate supply curve at the level of potential GDP. b. vertical aggregate supply curve at the level of potential GDP. c. horizontal aggregate demand curve at the level of potential GDP. d. vertical aggregate demand curve at the level of potential GDP.
If a determinant of demand other than price changes, the demand curve shifts
a. True b. False Indicate whether the statement is true or false
Which of the following is a cost of inflation?
a. shoeleather costs b. menu costs c. relative price variability d. All of the above are correct.