A VRA is an example of
A) a "voluntary" quota.
B) a tariff.
C) an illegal foreign good.
D) an illegal foreign tariff.
Answer: A
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A recessionary gap is the amount by which
A) the short-run equilibrium level nominal GDP is above the short-run real GDP. B) the short-run equilibrium level nominal GDP is below the short-run real GDP. C) total planned real expenditures exceed total planned production in the long run. D) the short-run equilibrium level of real GDP is below the full-employment level of real GDP.
Risk aversion is best explained by
a. timidity. b. increasing marginal utility of income. c. constant marginal utility of income. d. decreasing marginal utility of income.
The CPI basket of goods represents those goods and services purchased by urban consumers because it represents:
A. over 90 percent of our population. B. over 80 percent of our population. C. 78 percent of our population. D. 60 percent of our population.
According to the above table, Hillary's marginal utility from watching the 5th movie is
A. 170 units of utility. B. 20 units of utility. C. 30 units of utility. D. 50 units of utility.