The introduction of a tariff will be expected to
A. reduce imports.
B. increase the prices of exports but have no effect on the level of imports.
C. reduce the prices of exports but have no effect on the level of imports.
D. increase exports.
A. reduce imports.
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Which of the following would be included in the calculation of Gross Domestic Product (GDP)?
A) the value of spending on new machinery and equipment B) the value of the sale of 1,000 shares of IBM stock C) the value of transfer payments D) the value of the sale of a used guitar
People base their labor supply on the ________ because they care about ________
A) real wage; what their earnings will buy B) real wage; the equality of money wages and the price level C) money wage; a surplus of labor D) money wage; the amount of labor firms demand
A linear demand curve has a:
A. constant slope and a constant elasticity, but they need not be equal. B. changing slope, but constant elasticity. C. constant slope, but changing elasticity. D. slope which is the same as the elasticity.
The curve that represents all possible combinations of goods that can be produced is called
A) the production possibilities curve. B) the resource allocation curve. C) the efficiency curve. D) the supply curve.