Why did the United States suspend its preferential trade treatment for Bangladesh in 2013?
a. The United States wanted to collect more tariff revenue on all imports from Bangladesh.
b. The United States wanted to punish Bangladesh for its poor labor practices.
c. The United States wanted to collect more tariff revenue on imports other than garments from Bangladesh
d. The United States wanted to force Bangladesh to join NAFTA.
Ans: b. The United States wanted to punish Bangladesh for its poor labor practices.
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How will the invisible hand move corn prices in response to:
a. a flood that destroys a great deal of the corn crop? b. a rise in the price of wheat (a substitute for corn)? c. a change in consumer tastes away from corn dogs toward hot dogs? d. an increase in the number of people with access to the corn market?
What famous economist said that the market economy seemed to be controlled by an invisible hand?
a. Alfred Marshall. b. Adam Smith. c. Karl Marx. d. Robert L. Heilbroner.
If a family earned an additional $6,000 and, as a consequence, sustained a reduction of $3,600 in government benefits, the implicit marginal tax rate for this family would be
a. zero. b. 45 percent. c. 60 percent. d. 75 percent.
If suppliers expect the price of their product to fall in the future, then they will
a. decrease supply now. b. increase supply now. c. decrease supply in the future but not now. d. increase supply in the future but not now.