Throughout the post-World War II era, the importance of tariffs as a trade barrier has
A) increased.
B) decreased.
C) remained the same.
D) fluctuated wildly.
E) demonstrated a classic random walk with a mean-reversion tendency.
B
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Keynesian economists ________
A) observe that prices are perfectly flexible B) believe that the classical dichotomy never holds C) believe that only the interaction between savings and investment affects the real interest rate D) all of the above E) none of the above
Suppose Lily's indifference curves are defined as U = ?FS + ?FH, where FS is consumption during sunny weather and FH is consumption during a hurricane. Lily receives 64 units of food when it is sunny and 16 units of food when there is a hurricane. If the probability of sunshine is ? = 0.5, the expected consumption is:
A. 52 B. 28 C. 40 D. 5
If the demand for oranges falls, as a result, it is highly likely that the demand for:
A. orange juice will fall. B. apples will increase. C. orange grove workers will fall. D. apple orchard workers will decrease.
The change in output caused by a one-unit change in labor is referred to as the
A) compounded physical product of labor. B) average product of labor. C) marginal product of labor. D) total product of labor.