What is rent seeking with respect to restricting international trade?
A) The rent on factory buildings increases if trade is restricted.
B) The government avoids paying rent on buildings when importers pay the tariff.
C) An attempt to capture the gains from trade by imposing a tariff
D) The government's efforts to capture tariff rents
E) The attempt by importers to avoid paying a tariff
C
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The steeper the slope of the total product curve, the
A) larger is the marginal product of labor. B) smaller is the marginal product of labor. C) higher is the level of the total cost curve. D) more efficient is the technology employed.
The difference between nominal and real interest rates is that
A) nominal interest rates are measured in terms of a country's output, while real interest rates are measured in monetary terms. B) nominal interest rates are measured in monetary terms, while real interest rates are measured in terms of a country's output. C) nominal interest rates can fluctuate, while real interest rates always remain fixed. D) real interest rates can fluctuate, while nominal interest rates always remain fixed. E) real interest rates are the same in every country, while nominal interest rates are different for every country.
If real money demand doubles while the nominal money supply is unchanged, what happens to the price level?
A) The price level increases by a factor of four. B) The price level doubles. C) The price level is unchanged. D) The price level falls by one-half.
A key characteristic of the production function in the endogenous growth model presented in the text is that
A) there are increasing returns to scale in human capital. B) there are decreasing returns to scale in human capital. C) there are constant returns to scale in human capital. D) at low levels of human capital, there are increasing returns to scale in human capital, while at high levels of human capital, there are decreasing returns to scale in human capital.