A tariff ______ the domestic price of a good and ______ the quantity sold.
A. increases; increases
B. decreases; decreases
C. increases; decreases
D. decreases; increases
C. increases; decreases
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Economists emphasize the importance of ____ in analyzing demand.
A. quantity B. market potential C. wants and needs D. price E. sales opportunities
By the height of the housing bubble in 2005 and early 2006, lenders had greatly loosened the standards for obtaining a mortgage loan, with many mortgages being granted to ________ borrowers with flawed credit histories and ________ borrowers who did
not document their incomes. A) adjustable rate; shadow-banking B) "fresh-start"; prime rate C) sub-prime; "Alt-A" D) "credit crunch"; black market
Conditions of today's developed countries at the start of their industrialization differ from conditions in the developing world in that
a. population growth rates were higher. b. more advanced technology was available. c. there were more opportunities for development assistance. d. none of the above.
International Economists cannot discuss the effects of international trade or recommend changes in government policies toward trade with any confidence unless they know
A) their theory is the best available. B) their theory is internally consistent. C) their theory passes the "reasonable person" legal criteria. D) their theory is good enough to explain the international trade that is actually observed. E) their theory accounts for China's unique position in international trade.