An import quota is a limit on the
A) number of foreign workers allowed to work in a country.
B) number of container ships allowed to enter the territorial waters of the United States.
C) value of low-priced foreign goods that are allowed to be imported into the United States.
D) amount of a product that may be imported.
D
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A good policy ________________ and a bad policy _________________
a. Moves an asset to higher value use; moves an asset to lower value use b. Moves an asset to lower value use; moves an asset to higher value use c. Refrains from any government intervention; concentrates on government intervention d. Concentrates on government intervention; refrains from government intervention
Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Amy's opportunity cost of producing one car is ________ pounds of cheese.
A. 1/250 B. 20 C. 250 D. 1/20
Critics of the U.S. definition of poverty claim it is an inaccurate measure of our poor because:
A. it is a single number that does not capture regional differences in the cost of living. B. it fails to account accurately for expenditures other than food. C. the ratio of food to total income is different now than when the definition of poverty was defined. D. All of these are true.
A reduction in the marginal propensity to import will cause
A) the multiplier to increase and a given change in government spending (G) to have a larger effect on domestic output. B) the multiplier to increase and a given change in government spending (G) to have a smaller effect on domestic output. C) the multiplier to decrease and a given change in government spending (G) to have a larger effect on domestic output. D) the multiplier to decrease and a given change in government spending (G) to have a smaller effect on domestic output.