U.S. auto workers sometimes experience structural unemployment because of the popularity of foreign cars. Which argument is a labor union most likely to present to Congress when it lobbies for trade restrictions?
a. national defense argument
b. infant industry argument
c. antidumping argument
d. loss of domestic jobs argument
e. declining industry argument
D
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The incidence of the tax between buyers and sellers depends only on the elasticity of demand
Indicate whether the statement is true or false
If consumption spending is the only variable of aggregate expenditure dependent on income, the multiplier is MPC/(1 - MPC)
a. True b. False Indicate whether the statement is true or false
If a Pizza Hut restaurant near campus reduces its pizza prices by 15 percent, and as a result, its total revenue from pizza sales increases, this indicates that the price elasticity of demand was
a. elastic. b. of unitary elasticity. c. inelastic. d. equal to 0.15.
Which demand curve would best represent a monopolistic competitor?
A. D1
B. D2
C. D3
D. None of these curves represent a monopolistic competitor.