A country that must inhibit imports should give preference to
a. quotas over tariffs because quotas are less likely to distort trade patterns between nations.
b. tariffs over quotas because, unlike quotas, tariffs offer no special benefits to inefficient exporters.
c. export subsidies over quotas or tariffs because export subsidies can protect a nation's domestic producers.
d. an embargo wherever possible because an embargo can serve as a political weapon in addition to being a "trade stopper."
b
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Refer to Figure 6-10. The supply curve on which price elasticity changes at every point is shown in
A) Panel A. B) Panel B. C) Panel C. D) Panel D.
The first step of the four step process is to
a. identify the new equilibrium and then compare the original equilibrium price and quantity to the new equilibrium price and quantity. b. decide whether the economic change being analyzed affects demand or supply. c. draw a demand and supply model before the economic change took place. d. decide whether the effect on demand or supply causes the curve to shift to the right or to the left, and sketch the new demand or supply curve on the diagram.
How much is the APS when disposable income is $10 billion?
If a firm is inundated by qualified applicants when it advertises a job opening and the firm's quit rate is unusually low, then the firm is probably paying
A. each worker its marginal revenue product. B. above the market wage. C. the market wage. D. below the market wage.