Voluntary restraint agreements:
A. are prohibited by NAFTA.
B. hurt consumers in both the short run and the long run.
C. hurt workers in both the short run and the long run.
D. do not affect imports in both the short run and the long run.
Answer: B
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A mixed strategy in which positive probability is placed on more than one action can be a best response to another player's strategy only if the expected payoff from playing the pure strategies (over which the individual is mixing) is the same.
Answer the following statement true (T) or false (F)
The main issues that macroeconomic studies are
a. interest rates, jobs, and government policies. b. production, costs, and benefits. c. economic growth, unemployment, and inflation. d. choices made by household and businesses.
Credit cards such as Visa and Mastercard are
a. money because they serve as a medium of exchange: it's much like "if it looks like a duck, walks like a duck, and quacks like a duck . . . it's a duck!" b. money because they are issued by financial institutions, such as banks, and are accepted almost everywhere in place of currency c. accepted by merchants as if they were money, and therefore they are money d. as liquid as currency, and therefore they are money e. convenient but not money because what you are really using when you use a card is your checking account which is the money
If a government price control succeeds in affecting price, it can be expected to lead to a corresponding
a. decrease in the quantity of sales only if the price is forced down. b. decrease in the quantity of sales if the price is forced down and an increase in the volume of sales if the price is forced up. c. decrease in the quantity of sales whether the price is forced up or down. d. increase in the quantity of sales whether the price is forced up or down.