Limits on the quantity of a foreign good that can be imported into the domestic market are
A. import capacity limits.
B. import quotas.
C. tariffs.
D. export quotas.
B. import quotas.
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If we were at point ____ it would be possible to produce more heart transplants and more round-the-world trips.
Describe the choices that consumers make and explain why consumers are efficient on the market demand curve
What will be an ideal response?
Using a production possibilities curve, a technological advance that increases the amount of output for the same amount of inputs would be illustrated as a(n):
a. flattening of the curve. b. movement from one point to another point along the curve. c. outward shift of the curve. d. movement from a point on the curve to a point inside the curve.
The traditional Phillips Curve showing a tradeoff between inflation and unemployment is based on having a stable:
A. Aggregate demand and a shifting short-run aggregate supply B. Short-run aggregate supply and a shifting aggregate demand C. Long-run aggregate supply and a shifting aggregate demand D. Aggregate demand and a shifting long-run aggregate supply