Import quotas
A) are the same as tariffs.
B) set the maximum quantity of a good that can be imported.
C) are not used by the United States.
D) set the minimum percentage of the value of a product that must consist of imported components.
B
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Robinson Crusoe divides his time between catching fish and gathering fruit. Part of his production possibilities frontier is given in the above table. If Mr
Crusoe is on his PPF and he increases the amount of fruit he gathers from 56 to 90 pounds, the opportunity cost is A) 34 pounds of fruit. B) 90 pounds of fruit. C) 17 pounds of fish. D) 37 pounds of fish. E) 31 pounds of fish.
Cyclical unemployment is caused by
A) technological change. B) fluctuations in the business cycle. C) a dynamic economy in which people want to switch jobs sometimes. D) predictable shifts in production associated with different seasons.
An economy that is in equilibrium and operating below its full-employment capacity must be experiencing a(n)
a. inflationary period b. recessionary gap c. a surplus budget outcome d. market correction e. inflationary gap
Imagine the U.S. economy is in long-run equilibrium. Then suppose the aggregate demand increases. We would expect that in the long-run the price level would
a. increase b. decrease. c. stay the same. d. decrease by the same amount as the increase in aggregate demand.