An import quota specifies the
A) price that can be charged for any imported good.
B) amount of taxes that must be paid on any imported good.
C) maximum amount of a good that may be imported during a specified period.
D) minimum amount of a good that may be imported during a specified period.
C
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In a small European country, it is estimated that a $10,000 increase in capital per hour worked will increase real GDP per hour worked by $300. Based on this information, what is the slope of the per-worker production function in this range?
A) 0.03 B) 3.3 C) 33.3 D) 333
A constant-elasticity demand function can be obtained by:
A) taking the logarithm of the dependent variable only. B) taking the logarithm of the independent variable(s) only. C) taking the logarithm of the dependent and independent variable(s). D) taking the reciprocal of the dependent variable(s).
If the Herfindahl index for automobiles take foreign competition into account, the Herfindahl index for the U.S. automobile industry would be significantly higher
a. True b. False Indicate whether the statement is true or false
Wes works as a delivery man and can work as many hours as he likes for $12 an hour. He typically works 40 hours a week. Recently, his pay has been cut, and Wes decides to work:
A. less hours, because the income effect dominates his labor supply decision. B. the same amount, because the price effect dominates his labor supply decision. C. more hours, because the price effect dominates his labor supply decision. D. more hours, because the income effect dominates his labor supply decision.