This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, if the economy were operating under free trade and then imposed a tariff, the overall impact on surplus would be a net:
A. gain of IJKL.
B. loss of IJKL.
C. gain of FGHIJKL.
D. loss of IL.
Answer: D
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The shifting or returning of government economic functions to individuals and firms in the economy is known as
a. liberalization. b. intervention. c. competition. d. privatization.
Another way to state the efficient markets hypothesis is: in an efficient market
A) unexploited profit opportunities will be quickly eliminated. B) unexploited profit opportunities will never exist. C) all prices can be accurately predicted. D) every financial market participant must be well informed about securities.
The short run for Barbara's Bakery is defined as
a. one year b. one month c. the period of time during which all inputs are variable d. the period of time during which at least one input is fixed e. the time needed for a transaction to occur
If Sammy does not have a full-time job but is working part-time at 4 different jobs, he is counted ________ in the job data, and ________ in the persons-employed data.
A. once; 4 times B. 4 times; once C. once; not being employed D. 4 times; 4 times