The United States imposes a quota on sugar imports
a. because sugar is considered unhealthy
b. because sugar cannot be produced in the U.S.
c. to avoid having to pay billions of dollars annually to support domestic sugar prices
d. to avoid having to pay billions of dollars annually to support foreign sugar prices
e. because a tariff would not be efficient
A
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The graph plotting the tax rate on the horizontal axis and tax revenues on the vertical axis, which was used by supply-side economists to suggest that tax rates were too high, in known as the
A) Beveridge curve. B) Phillips curve. C) Taylor rule. D) Laffer curve.
According to the party cycle theory, recessions
a. will be nonexistent in the near future. b. are most apt to occur when a liberal president is elected. c. are most likely to occur during the first couple of years following the election of a conservative president. d. are here to stay.
Which of the following markets must clear if injections from the income-spending stream are to equal leakages from the stream?
a. The resource market b. The labor market c. The goods market d. The aggregate market e. The loanable funds market
What is the average product of labor, given that the level of labor equals 10, total output equals 1200, and the marginal product of labor equals 200?
A. 6 B. 20 C. 120 D. 2,000