Tariffs and import quotas would benefit the following groups, except:
A. Consumers of the product
B. Domestic producers of the product
C. Workers in domestic firms producing the product
D. The government of the importing country
A. Consumers of the product
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Which of the following statements is true of direct to consumer advertising (DTCA)?
a. There is a positive correlation between a drug's price and the amount of DTCA practiced. b. DTCA increases pharmaceutical profits but does little to improve consumer welfare. c. The majority of pharmaceutical spending on advertising is focused on the patient. d. DTCA attracts more patients to consider using the product who might not have known about the drug. e. Pharmaceutical advertising does little to educate patients. Its sole purpose is to promote product use.
When exchange rates are fixed, a temporary expansion in the money supply will:
A) increase output. B) leave output unchanged. C) lower output. D) increase the exchange rate.
Which of the following best describes the idea of a political business cycle?
A. Politicians have a bias to cut taxes and increase government spending. B. Special interests result in alternating federal deficits. C. Politicians will use fiscal and monetary policy to cause output, real incomes, and employment to be rising prior to elections. D. Good intentions of politicians influence the business cycle.
You draw colored balls out of a bag. You draw a red ball 30% of the time and a blue ball 70% of the time. For each draw, the blue outcome and the red outcome are
A) mutually exclusive. B) exhaustive. C) Both A and B. D) None of the above.