Profits earned by foreign firms or governments under a quota are called:
A. trade rents.
B. trade costs.
C. quota revenue.
D. quota rents.
Answer: D
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When an American college student in Davis, California spends $200 on a pair of Louis Vuitton jeans (a famous French brand), U.S. consumption ________, U.S. net exports ________, and U.S. GDP ________
A) does not change; increases by $200; increases by $200 B) increases by $200; decreases by $200; does not change C) increases by $200; does not change; increases by $200 D) does not change; does not change; does not change E) does not change; decreases by $200; decreases by $200
If a "break" occurs in the population regression function, then
A) inference and forecasting are compromised when neglecting it. B) an Augmented Dickey Fuller test, rather than the Dickey Fuller test, should be used to test for stationarity. C) this suggests the presence of a deterministic trend in addition to a stochastic trend. D) forecasting, but not inference, is unaffected, if the break occurs during the first half of the sample period.
Walton and Rockoff contend that a repetition of the Great Depression is unlikely for all of the following reasons except ____
a. the Federal Reserve is unlikely to repeat the mistakes it made in the 1930s b. the private sector is less vulnerable now because the industrial sector is relatively smaller c. government programs exist that would ameliorate suffering and inhibit the spread of a crippling panic d. the public is unlikely, even in a depression, to vote for a radical government that would frighten business and inhibit investment, the way it did in the 1930s
Compared to the 1948 to 1973 period, the period from 1973 to 1995 can be characterized as a period of
a. faster real GDP growth. b. faster labor productivity growth. c. slower labor productivity growth. d. lower labor force growth.