An example of a nontariff barrier is a:
A) limit on the total number of Honda automobiles imported from Japan.
B) regulation specifying that each imported Honda automobile must meet certain emission exhaust guidelines.
C) tax of $500 on each Honda automobile produced in the United States.
D) subsidy from the Japanese government of $500 for each Honda automobile imported into the United States.
Ans: B) regulation specifying that each imported Honda automobile must meet certain emission exhaust guidelines.
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Classical economists believe that in the short run
A) money neutrality exists and prices adjust rapidly. B) money neutrality does not exist and prices adjust rapidly. C) money neutrality exists and prices do not adjust rapidly. D) money neutrality does not exist and prices do not adjust rapidly.
In an open economy, the quantity supplied of bushels of corn is ________.
A. 900 million bushels B. 150 million bushels C. 600 million bushels D. 300 million bushels
The government's chief forecasting gauge for business cycles is the:
A. unemployment rate. B. real GDP. C. personal income index. D. index of leading indicators.
Imagine winning a radio trivia contest and being given the choice of three packages. Each package has two prizes. One package has a cellular phone and a beeper; one package has a cellular phone and a coupon for unlimited calls for a year; and one
package has a cell phone and a compact disc player. Unfortunately, the labels on the packages only give you the following information: the goods in Package A have a cross elasticity of 0.63, the goods in Package B have a cross elasticity of 0.00 . and the goods in Package C have a cross elasticity of –0.84. a . Which package will you choose if you want the cellular phone and the coupon for unlimited calls? Explain your answer b. Which package will you choose if you want the cellular phone and the beeper? Explain your answer.