Quotas that entirely eliminate trade in a certain product or a number of products are known as
A) export tariffs.
B) deadweight.
C) ultimate tariffs.
D) embargoes.
D
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In January 2015, Tim's Gyms, Inc owned machines valued at $1 million. During the year, the market value of the equipment fell by 30 percent. During 2015, Tim spent $200,000 on new machines. During 2015, Tim's net investment totaled
A) $1 million. B) -$300,000. C) $200,000. D) -$100,000.
The following is a Cobb-Douglas production function: Q = 1.75K0.5•L0.5 . What is correct here?
a. A one-percent change in L will cause Q to change by one percent b. A one-percent change in K will cause Q to change by two percent c. This production function displays increasing returns to scale d. This production function displays constant returns to scale e. This production function displays decreasing returns to scale
Which of the following statements is true?
a. The Phillips curve has always been stable. b. If the Phillips curve shifts outward to the right this illustrates a greater tradeoff between unemployment and inflation. c. Keynesian economics assumes a vertical Phillips curve. d. According to the natural rate hypothesis the Phillips curve is downward sloping. e. All of these.
Reasons for studying economics include
a. all of the following b. to better understand world issues by applying the tools of economic analysis c. to help design more effective solutions to society's problems d. to help prepare for careers in fields such as law and politics e. to better understand the impact of world events on an individual's life