Protectionism is the view that free trade is ________ and should be ________.
A. helpful; encouraged
B. harmful; restricted
C. inevitable; allowed
D. illegal; forbidden
Answer: B
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The above figure shows the market for game day t-shirts. If the price of t-shirts is $8, then
A) the market is in equilibrium. B) there is a shortage and the price of t-shirts will rise. C) there is a shortage and the price of t-shirts will fall. D) there is a surplus and the price of t-shirts will fall. E) there is a surplus and the price of t-shirts will rise.
When banks receive new deposits, they can make new loans and thus create money:
A. equal to the full amount of the new deposits. B. up to the amount of their checkable deposits. C. only up to the amount of their excess reserves.
According to marginal analysis, you should choose to do something if the extra benefit:
A. is positive. B. outweighs the extra cost. C. exceeds the benefits of the previous time spent on the activity. D. will change the outcome.
According to supply-side economics, lower tax rates on wages
A. have little effect on the economy. B. generate higher revenues for the government and increased unemployment. C. create incentives to work more, which increases real GDP. D. are less productive than lower tax rates on consumers.