If the U.S. government imposed a tariff on imported steel, it would be expected that
A. the quantity of steel used in the United States would decrease.
B. the quantity of steel imported would be reduced.
C. the price of steel would rise.
D. All of the choices are true.
D. All of the choices are true.
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In the long run, inflation is caused by
A) aggressive labor unions. B) greedy monopolists. C) growth in the money supply. D) global warming.
Which of the following is an aggregate?
A) the number of shoes in one man's closet B) the bushels of apples one farmer sells C) the price of a particular textbook D) the total production of all goods and services
If a firm can double inputs and, thereby, more than double output over the range of output the market demands, it is said to be experiencing
a. decreasing minimum efficient scale b. increasing returns to scale c. constant returns to scale d. decreasing returns to scale e. increasing long run average cost
Define the following terms and explain their importance to the study of macroeconomics: a. open economy b. closed economy c. budget deficits and trade deficits d. international capital flows
What will be an ideal response?