Tariffs imposed upon U.S. rice imported into Japan tend to
A. harm Japanese consumers and help Japanese rice producers.
B. help Japanese consumers and harm Japanese rice producers.
C. harm U.S. consumers and harm Japanese rice producers.
D. help U.S. consumers and harm Japanese rice producers.
Answer: A
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Classical growth theory predicts that in the long run there will be
A) sustained increases in the productivity growth rate. B) negative economic growth. C) zero economic growth. D) positive economic growth. E) sustained increases in economic growth.
When the economy is at full employment, the
A) natural unemployment rate is equal to 0 percent. B) natural unemployment rate equals the unemployment rate. C) natural unemployment rate is equal to 10 percent. D) unemployment rate is equal to 0 percent. E) frictional unemployment rate is equal to 0 percent.
Alan Krueger conducted a survey of fans at the 2001 Super Bowl who purchased tickets to the game for $325 or $400. Krueger found that (a) 94 percent of those surveyed would not have paid $3,000 for their tickets, and (b) 92 percent of those surveyed
would not have sold their tickets for $3,000. These results are an example of A) rational consumer behavior. B) the endowment effect. C) the fallacy of composition. D) the failure to ignore sunk costs.
Since the legal age to vote in the United States is 18, the legal drinking age in the United States should be lowered to 18. This statement is best described as
A. a positive statement. B. a normative statement. C. an implication of an efficient market. D. a marginal statement.