After the U.S. government had approved the feeding of hormones to U.S. beef cattle, several western European nations restricted the import of beef from the U.S. Which of the following tools of commercial policy had been put to use in this situation?
a. Tariff
b. Quota
c. Health and safety standards
d. Subsidy
e. Government procurement
c
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An oral auction
a. is also called an English auction b. is where bidders submit increasing bids until all but one remains c. is where the sole remaining bidder wins and pays his winning bid d. all of the above
Figure 4-16
In Figure 4-16, an increase in the number of producers will shift supply from
a.
S1 to S2.
b.
S2 to S1.
c.
S3 to S2.
d.
S3 to S1.
Which of the following statements BEST describes a limitation of the Big Mac Index?
A) Profit margins vary by the strength of competition, which affects relative prices. B) The theory of PPP incorrectly assumes that there are barriers to trade. C) The Big Mac represents all possible commodities and services. D) Taxes have no effect on Big Mac prices.
A permanent increase in the real wage rate has a ________ income effect on labor supply than a temporary increase in the real wage, so labor supply is ________ with a permanent wage increase than for a temporary wage increase.
A. smaller; more B. larger; more C. larger; less D. smaller; less