Which type of tariff is forbidden in the United States on Constitutional grounds?
A) import tariff
B) export tariff
C) specific tariff
D) prohibitive tariff
E) import quota
B
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Consider the following equation for household consumption expenditure:
Consmptn= 
0+ 1Inc + 2Consmptn-1+ u
where ‘Consmptn' measures the monthly consumption expenditure of a household, ‘Inc' measures household income and ‘Consmptn-1' is the consumption expenditure in the previous month. Consmptn-1 is a _____ variable.
A. exogenous
B. binary variable
C. lagged dependent
D. proxy variable
Economic profits are:
A) Total revenue minus total cost B) Marginal revenue minus marginal cost C) Total revenue minus total opportunity cost D) Total profits of the economy as a whole
An aggregate demand curve
A. is upward sloping. B. relates aggregate quantity demanded to an index of variables including price level, worker productivity, and international exchange rates. C. shows the amount of aggregate national production at different levels of disposable income. D. shows the inverse relationship between the price level and the total quantity of goods and services demanded.
Why is the supply of loan able funds not perfectly inelastic? (In other words, why is the supply curve up sloping?)
What will be an ideal response?