Most economists
A. favor both tariffs and quotas.
B. consider tariffs less of an evil than quotas.
C. consider quotas and tariffs of equal evil.
B. consider tariffs less of an evil than quotas.
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The population of Omega totals one million people, 30 percent of whom are employed. Average output per worker in Alpha is $30,000. Real GDP per person in Alpha totals:
A. $9,000. B. $100,000. C. $21,000. D. $30,000.
Explain why the portion of the national debt owed to foreigners is a serious matter, whereas the portion owed to U.S. citizens is of less concern. Why does the U.S. national debt pose less of a problem than the debts of Greece in 2010?
Monetary and price instability will
a. make it easier for both individuals and businesses to plan wisely for the future. b. generate uncertainty, and encourage investors and businesses to move their activities to countries with a more stable monetary environment. c. encourage businesses to invest and expand their future output. d. encourage domestic citizens to increase their rate of saving.
Which of the following equations corresponds to an optimal choice point? (i) MRS = PX/PY (ii) MUX/MUY = PX/PY (iii) MUX/PX = MUY/PY (iv) MUX/PY = MUY/PX
a. (i) only b. (i), (ii), and (iii) only c. (ii) and (iv) only d. (i), (ii), (iii), and (iv)