The Haig-Simons definition of income and the Fisher definition of income are virtually identical
a. True b. False
b
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Voluntary export restraints (VERs)
A) do not protect domestic producers. B) raise revenue for the governments involved. C) raise the prices paid by domestic consumers. D) Both answers B and C are correct.
Refer to Scenario 7.3. When Q = 200, what is the marginal cost?
A) 0 B) 5 C) 10 D) 15 E) 25
What would happen to a production possibilities frontier (with capital goods measured on the vertical axis and consumption goods on the horizontal axis) if there is an increase in the labor force?
a. The entire frontier would shift outward. b. The upper part of the frontier would shift outward while the lower part would shift inward. c. Nothing, there would be no movement of the frontier. d. The entire frontier would shift inward. e. The lower part of the curve would shift outward while the upper part would shift inward.
A movement along a demand curve
a. is called a change in demand. b. is the result of a change in the price of the good. c. can be caused by many things. d. means the product is inelastic.