Which of the following serves as a basis for doomsday forecasts?
A. The price mechanism.
B. Substitution effects.
C. Crowding out.
D. Resource constraints.
Answer: D
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The marginal cost curve is U-shaped. Over the range of output for which the marginal cost is falling as output increases, the marginal product is
A) increasing. B) decreasing. C) constant. D) probably changing, but there is no stable relationship between the marginal cost and the marginal product. E) not defined.
If the Japanese price level falls relative to the price level in the United States, then:
a. Japanese buy less U.S. exports. b. the demand for dollars decreases. c. the supply of dollars increases. d. the value of the dollar falls. e. all of these are true.
Which term refers to a rule that every imported product must be opened by hand and inspected with a magnifying glass, by one of just three government inspectors available at any given time?
a. a non-tariff barrier b. a quota c. a government bureaucracy d. an import quota
According to your text, which of the following represents the largest source of tax receipts for the Federal government?
A) sales taxes B) individual income taxes C) corporate income taxes D) property taxes