Which of the following statements is true?
A) Economics is concerned with money, not choices.
B) Economics can be used to predict people's actions.
C) Economics does not provide insights into human behavior.
D) Economic reasoning tends to reduce the quality of decision making.
B
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In Econland population increased from 1 million to 1. 1 million, the number of employed workers increased from 500,000 to 600,000, but average labor productivity decreased from $20,000 per worker per year to $19,000 per worker per year. Total output in Econland ________ and the average standard of living ________.
A. increased; increased B. decreased; decreased C. increased; decreased D. decreased; increased
During the 1980s, Harley-Davidson, the American motorcycle maker, asked Congress for tariff protection from large motorcycles imported from Japan
Harley-Davidson argued that their company needed protection so the company could reorganize and, after some time had passed, could become more competitive. Harley-Davidson's argument is similar to the ________ argument for protection. A) save domestic jobs B) national security C) anti-dumping D) infant-industry E) bring diversity and stability
A country uses strategic trade policy to
A) increase profits that accrue to domestic producers. B) affect the exchange rate of its currency. C) impose countervailing duties. D) allow dumping of imports to increase consumer surplus.
Total revenue is maximized where demand is inelastic
a. True b. False