Unequal incomes can arise from:
a. discrimination
b. worker preferences.
c. differences in educational backgrounds.
d. all of the above.
d
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The most basic premise of the aggregate expenditures model is that the
A. unemployment level in the economy is inversely related to the inflation rate. B. total output produced in the economy depends directly on the level of total spending. C. level of employment in the economy depends inversely on the real wage rate. D. total output produced depends mostly on the total capacity of firms to produce.
Suppose a German-produced car becomes very popular in the United States. This would tend to
a. affect the U.S. balance of payments but not the balance of trade. b. reduce any existing balance of trade deficit in the United States. c. increase a balance of trade surplus in the United States. d. increase a balance of trade deficit in the United States.
The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P.If this economy is open to trade, and the world price of a car is $6,000, the domestic quantity demanded will be ________ and quantity supplied will be ________.
A. 8,000; 14,000 B. 12,000; 8,000 C. 14,000; 8,000 D. 12,000; 10,000
Refer to Figure 18.4. With a tariff or quota, what is the equilibrium quantity of gloves in Duckland?
A. 100 B. 80 C. 60 D. 40