Protective tariffs help a nation reach which of the following goals?
a. Decreased domestic consumer prices.
b. Increased domestic employment.
c. Increased amount of goods for consumers to purchase.
d. Increased competition among domestic and foreign producers.
e. None of these.
e
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What is the equilibrium price of a good or service?
What will be an ideal response?
Price flexibility is a key feature of ________
A) traditional Keynesian theory B) new Keynesian theory C) real business cycle theory D) traditional Keynesian, new Keynesian and real business cycle theory
Pam graduates from law school and gets a position in a law firm. At the same time the price of hamburger falls while other food prices have stayed the same. She notices that she buys less hamburger than she did before
Is she violating the law of demand? A) Yes, since she is buying less hamburger at a lower price. B) Yes, since she is buying less hamburger in a relatively short period of time and we wouldn't expect her tastes to have changed. C) No, since the law of demand refers to relative price changes and the price of hamburger falling is an absolute price change. D) No, since other things are not held constant, such as her income.
If the marginal net utility of beer is a positive number, the consumer should buy more beer in order to maximize utility
a. True b. False Indicate whether the statement is true or false