Which of the following is a new law on fishing imposed by the government to increase the total supply of fish?
a. Holders of fishing rights are not allowed to resell them to others.
b. Governments have issued licenses that limit catches and fishing seasons.
c. Quotas have enforced higher catches in coastal areas.
d. Governments around the world have reduced their offshore jurisdictions.
B
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When actual output is less than potential output, there is ________ output gap and the inflation rate will ________.
A. an expansionary; be lower than the expected rate of inflation B. a recessionary; exceed the expected rate of inflation C. a recessionary; be lower than the expected rate of inflation D. an expansionary; exceed the expected rate of inflation
The ability of an individual, firm, or country to produce more of a certain good than other competing producers, given the same amount of resources, is referred to as:
A) marginal advantage. B) comparative disadvantage. C) absolute advantage. D) perfect advantage.
If variables x and y move up and down together, they are
A) positively related. B) negative related. C) unrelated. D) trend related.
In a market open to international trade, at the world price the quantity demanded is 150 and quantity supplied is 200. This country will
A) export 50 units. B) import 50 units. C) export 200 units. D) import 150 units.