Which of the following statements is true?
a. A tariff is a physical limit on the quantity of a good allowed to enter a country.
b. An embargo is a tax on an imported good.
c. A quota is a law that bars trade with another country.
d. When a nation exports more than it imports it is running a balance of trade surplus.
d
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A consumer is given the chance to buy a concert ticket for $50 and refuses. Later, that same consumer wins a free ticket to the concert
When asked to sell that ticket for $50, the consumer refuses, indicating that he would rather use the ticket himself. This is an example of A) endowment effect. B) salience. C) framing bias. D) irrational behavior.
Secondary workers are often decisive in keeping a family out of poverty
Indicate whether the statement is true or false
Refer to the diagram and list of assumptions. If discrimination is ended:
(1) the labor force is comprised of 9 million men and 9 million women workers;
(2) the economy has 3 occupations, X, Y, and Z, each having identical demand curves for labor; (3) men and women workers are homogeneous with respect to their labor-market capabilities; (4) women are discriminated against by being excluded from occupations X and Y and are confined to Z; and (5) aside from discrimination, the economy is competitive, and workers seek to maximize their earnings.
A. men will leave occupations X and Y and enter occupation Z.
B. 4 million women will leave occupation Z, with 2 million entering occupation X and 2 million
entering occupation Y.
C. 3 million women will leave occupation Z, with 1.5 million entering occupation X and 1.5
million entering occupation Y.
D. 3 million women will leave occupation Z, all of whom will enter industry X.
Which of the following is likely to have the most price elastic demand?
a. milk b. sailboats c. good X in the short run compared to good X in the long run d. gasoline