Deciding if a company will produce automobiles by robotics or manual labor answers the economic question of:
A. "Who consumes the products produced?"
B. "What products will be produced?"
C. "Where will the products be consumed?"
D. "How will the products be produced?"
Answer: D
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If the government raises income taxes, then the equilibrium amount of employment ________ and potential GDP ________
A) increases; decreases B) does not change; does not change C) increases; increases D) decreases; increases E) decreases; decreases
If the price level in the United States is 110, the price level is 120 in Mexico, and the nominal exchange rate is 140 pesos per dollar, what is the real exchange rate from the U.S. perspective?
A) 94 B) 115 C) 128 D) 153
Antitrust problems rarely appear in competitive markets
Indicate whether the statement is true or false
It is generally easier for a firm to get _______________ than _______________; therefore, many more of the former are in place than the latter.
a. import quotas; tariffs b. safeguard tariffs; antidumping duties c. subsidies; tariffs d. antidumping and countervailing duties; safeguard tariffs