The Bureau of Labor Statistics is part of the U.S. Department of
a. the Treasury.
b. Commerce.
c. Labor.
d. the Interior.
c
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Other things remaining unchanged, a decline in imports is associated with an increase in gross domestic product
a. True b. False Indicate whether the statement is true or false
A tariff is
a. a tax on imports. b. a tax on exports. c. a payment by the government to an exporter. d. a legal limit on the amount of a good that may be imported.
Refer to Table 3.1 to answer the following questionTable 3.1 Individual Demand and Supply SchedulesQuantity Demanded byPriceAlejandroBenCarlMarket$8.00842________6.001244________4.002046________2.002246________Quantity Supplied byPriceAveryBrandonCassandra $8.006046________$6.004244________$4.002442________$2.00640________In Table 3.1, if government held the price at $3,
A. The government would be setting an effective price floor. B. The shortage would be the same as the quantity demanded. C. The market would be in equilibrium. D. There would be a shortage.
Refer to the graphs below for a purely competitive market in the short run. The graphs suggest that as long run adjustments consequently occur, the firms in the industry will find that:
A. Profits will increase
B. Profits will decrease
C. Profits will be unchanged
D. Cannot be decided from the information given