A common tool for restricting trade through quantity is:
A. a tariff.
B. immigration restrictions.
C. international waters use policies.
D. import quota.
D. import quota.
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The Ricardian equivalence theorem states that
A) spending on national defense is a direct expenditure offset. B) an increase in government spending by the federal government leads to offsetting reductions in state government spending. C) government spending financed by taxes is equivalent to government spending financed by borrowing. D) an increase in government spending financed by higher taxes has no effect on aggregate demand.
In the long run, a competitive firm has a marginal product of labor, MPL = L-1. The output price is $20 per unit and the wage is $7.25 per hour. The long-run labor demand curve for the firm is
A) 20L-0.05. B) 7.25L-0.05. C) 20L-1. D) 7.25L-1.
The economic argument for legalizing drugs:
a. takes into consideration all the externalities associated with drug use. b. shows that economists are all libertarians at heart. c. is based on the assumption that for most non-users, the demand is relatively price elastic. d. is really politically motivated. e. is morally bankrupt.
The Tax Cut of 2001
A. permanently eliminated the inheritance tax. B. lowered the minimum marginal tax rate from 15 percent to 10 percent. C. will lower the top marginal tax rate to 23 percent by the end of the decade. D. expires in 2006.