In order of preference, economists would choose
A. quotas, tariffs, free trade.
B. free trade, tariffs, quotas.
C. tariffs, quotas, free trade.
D. free trade, quotas, tariffs.
B. free trade, tariffs, quotas.
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When the average product is at its maximum,
A) the marginal product is increasing as output increases. B) the marginal product is negative. C) it is equal to the marginal product. D) total product is also at its maximum. E) total product is at its minimum.
Suppose the relative price of Ford F150 pickup trucks has risen over the past decade. Yet, even at the higher price, more F150 pickups have been sold. What would an economist conclude?
A) The supply of F150 pickups is downward-sloping. B) The demand for F 150 pickups is upward-sloping. C) Buyers of F150 pickups are acting irrationally. D) All of the above are true. E) None of the above is true.
Social Security expenditures in the U.S. for 2006 made up approximately what percent of GDP?
a. 5 percent b. 12 percent c. 50 percent d. 75 percent e. 1 percent
Inflation reduces the multiplier effect by reducing consumers' wealth and purchasing power
a. True b. False Indicate whether the statement is true or false