In 1998, Japan decided to make the Bank of Japan, its central bank,
a. more independent.
b. more concerned with fighting inflation.
c. subject to direct control by the Japanese prime minister.
d. subject to direct control by the Diet, the Japanese parliament.
a
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If firms in a price-taker industry were forced to install antipollution devices that increased their production costs, we should expect
A) the cost curves for the firms in this industry to shift downward. B) the market price of the product to decrease. C) that the firms in the industry would suffer long-run economic losses. D) that the firms in the industry would earn normal economic profits in the long run, as the higher production costs were passed along to consumers in the form of higher prices.
A well-known women’s college whose tuition lagged below similar schools found recruiting difficult and enrollment falling. A substantial tuition increase was implemented, and dormitories were soon full again. This can be explained by
A. the law of demand. B. the fact that education at the school was an inferior good. C. the fact that people sometimes base perceptions of quality on price (snob effect). D. elastic demand.
Which of the following is TRUE according to the case study on U.S. / China trade presented in the chapter?
A) China has relative abundance in capital. B) China has relative abundance in skilled labor. C) The United States has relative scarcity in unskilled labor. D) The United States has relative scarcity in capital.
Consider a consumer who purchases two goods, X and Y. If the price of good Y falls, then the substitution effect by itself will
a. cause the consumer to buy more of good Y and less of good X. b. cause the consumer to buy more of good X and less of good Y. c. not affect the amount of goods X and Y that the consumer buys. d. result in an upward-sloping demand for good Y if the substitution effect is positive.