Import restrictions
A. cannot protect American jobs in any sector of the economy.
B. hurt people who work in importing companies, but makes consumers better off.
C. can protect United States jobs in the protected industry, which increases economic welfare of the country as a whole.
D. can protect United States jobs in the protected industry but will also lead to job reductions in other export industries.
Answer: D
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According to the text, the portion of total U.S. national income spent on health care was about ________ in 2015 as opposed to about ________ in 1965
A) 34 percent; 17 percent B) 17 percent; 34 percent C) 6 percent; 17 percent D) 17 percent; 6 percent
If an industry has constant marginal and average costs, any shift in demand will eventually
A) result in a higher equilibrium price. B) be met by a smaller change in quantity supplied. C) be met by an equal change in quantity supplied, and equilibrium price will not change. D) make economic profits zero in the short run.
Which of the following observations concerning the Phillips curve is not true?
A. They are normally upward-sloping. B. They are more commonly constructed for price inflation. C. They depict the inverse relation between wage inflation and unemployment. D. They depict the rate of unemployment on the horizontal axis.
Suppose an increase in price decreases quantity demanded from 210 to 190. Using the mid-point formula, the percentage change in quantity demanded is:
A. 0.2 = 20 percent. B. - 0.2 = - 20 percent. C. - 0.1 = -10 percent D. 2 = 200 percent.