NAFTA probably helped productivity in Mexico's maquiladora sector, but:
a. trade with China has taken on more importance.
b. world competition and the close relationship with the United States may have limited its comeback.
c. both governments have reversed some of the tariff reductions.
d. Mexico has raised taxes on the maquiladoras, and that has caused international tension.
Ans: b. world competition and the close relationship with the United States may have limited its comeback.
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Suppose the demand for milk is relatively inelastic. What happens to sales revenue if the government imposes a price floor above the free-market equilibrium price in the market for milk?
A) Sales revenue remains unchanged. B) Sales revenue rises. C) Sales revenue falls. D) It cannot be determined without information on prices.
Macroeconomics is the branch of economics that concerns
a. the behavior of individual actors in the economy b. output in a specific industry c. the overall health of the economy d. the federal government only e. prices in a specific industry
Which of the following is not considered a renewable resource:
A. sunlight. B. oil. C. wind. D. All of these are renewable resources.
An excise tax levied on a product will impose a smaller relative burden on consumers (and a larger relative burden on sellers) when the:
A. supply of the product is relatively less elastic than demand. B. supply of the product is relatively more elastic than demand. C. tax is collected from the buyers. D. tax is collected from the sellers.