Workers in industries protected by tariffs and quotas are likely to support these trade restrictions because
A) they do not want to offend their employers who want them.
B) they believe the restrictions will protect their jobs.
C) politicians lobby to convince workers the restrictions will make them better off.
D) they don't understand that the restrictions will threaten their jobs.
B
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The government of Techland is planning a cut in income tax rates. What is the possible consequence of such a change in policy on Techland's economy if it is implemented?
What will be an ideal response?
A firm's demand for labor increases and its demand curve for labor shifts rightward if
A) the wage rate falls. B) the price of its product falls. C) its value of marginal product decreases. D) an advance in technology increases the marginal product of labor.
________ is a problem that occurs when one concludes that a change in variable X caused a change in variable Y when in actual fact, it is a change in variable Y that caused a change in variable X
A) Reverse causality B) The positive-to-negative relationship C) Nonlinear slope D) The omitted variable
That most used cars are sold by intermediaries (i.e., used car dealers) provides evidence that these intermediaries
A) have been afforded special government treatment, since used car dealers do not provide information that is valued by consumers of used cars. B) are able to prevent potential competitors from free-riding off the information that they provide. C) have failed to solve adverse selection problems in this market because "lemons" continue to be traded. D) have solved the moral hazard problem by providing valuable information to their customers.