Protectionism is the use of ________ to protect domestic firms from foreign competition
A) cheap labor B) trade barriers C) dumping D) military force
B
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Using the data in the table above, if the price of a stapler is $5, then there is ________ of staplers, and the quantity of staplers demanded ________ the quantity of staplers supplied
A) a shortage; is greater than B) a surplus; is less than C) a shortage; is less than D) a surplus; is greater than E) neither a surplus nor a shortage; equals
Last year the price level increased from 118 to 122. The increase in the price level leads to a decrease in
A) potential GDP. B) the money wage rate. C) the buying power of money. D) the real interest rate. E) the price of domestic goods and services relative to foreign goods and services.
The economizing process (choosing from among alternatives to maximize benefits)
A) applies only to consumers. B) applies only to privately-owned firms. C) applies only to producers. D) is the same for producers as it is for consumers.
In addition to covering the costs of unpredictable events, health insurance typically covers many planned expenses, such as routine checkups, annual physicals, and the cost of vaccinations. Because of this, health insurance
A) encourages overuse of health care services. B) generates an efficient quantity of health care services. C) is not accepted by most doctors and hospitals. D) discourages overuse of health care services.