An import quota is
A) a quantity restriction.
B) a price ceiling.
C) a price floor.
D) a direct tax on imports.
Answer: A
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Some of the cost curves for Ike's Ice Cream Kitchen are given in the above figure. At which of the following levels of output does the marginal product of labor equal the average product of labor?
A) at 0 gallons B) at 10 gallons C) at 40 gallons D) at 60 gallons
Relating to the Economics in Practice on page 337: A number of companies are using their own internal carbon taxes to reflect the social cost of carbon emissions on the environment. The price per ton of carbon emissions that they are using
A) has been set by the government. B) has been agreed to by the private sector. C) is not standardized. D) is the price established by the EPA
Resources are
A) unlimited. B) able to be replicated in large quantities. C) what people would buy if their income was unlimited. D) used to produce goods and services to satisfy people's wants.
Refer to the above table. If net exports increased by $10 billion at each level of GDP, the equilibrium real GDP would be:
The table shows a private open economy. All figures are in billions of dollars.
A. Not determinate in the table
B. $610
C. $650
D. $700