Other things remaining the same, ________ in U.S. real GDP results in ________ in U.S. imports
A) an increase; a decrease followed by no change
B) an increase; an increase
C) a decrease; an increase
D) a decrease; no change
E) an increase; a decrease
B
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Refer to Figure 9-3. With a quota in place, what is the quantity supplied by domestic producers?
A) 8 million pounds B) 10 million pounds C) 16 million pounds D) 18 million pounds
Which of the following is a problem that arises when trying to classify regional trade agreements?
A) Many agreements combine elements from different categories. B) The definition of free trade area includes that of a customs union. C) Some agreements include cultural issues while others do not. D) The most favored nation clause includes all of them. E) None of the above.
Monopolistic competition tends to lead firms to have wasted capacity. Why?
A regressive tax
a. taxes individuals with higher incomes at a higher rate than individuals with lower incomes. b. takes a similar percentage of income at all income levels. c. takes a higher percentage of the income of those with lower incomes than for those with higher incomes. d. taxes savings at a higher rate than consumption.