Import quotas have a negative impact on poor nations because they make it difficult for poor nations to
A. Sell agricultural goods to each other.
B. Develop a pro-business environment.
C. Sell agricultural goods to rich nations.
D. Receive foreign aid from rich nations.
Answer: C
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If a country imposes a tariff on an imported good, the tariff ________ the price in the importing country and ________ the quantity of imports
A) raises; decreases B) raises; increases C) raises; does not change D) lowers; does not change
If Y=C+I+G but Md< Ms, then
a. interest rates must rise and output must fall. b. both interest rates and output must fall. c. interest rates must fall and output must rise. d. both interest rates and output must rise. e. none of the above.
According the Lucas' misperception model, when prices unexpectedly rise, suppliers infer that their relative prices have _____, which induces them to _____ output
a. decreased; increase. b. increased; decrese. c. decreased; decrease. d. increased; increase.
What impact do private insurance companies and Medicare have on national medical costs?
A) Medical costs go up because insurance leads to an increase in the quantity demanded of medical services. B) Medical costs go up because insurance will lead to the reduction in the supply of medical services due to the amount of paperwork required. C) Medical cost are unaffected by insurance companies. D) Medical costs go down because the insurance company pays the bill.