Economists
A) describe reducing tariffs and quotas as shallow integration.
B) describe reducing tariffs and quotas as deep integration.
C) believe that changing domestic policies affecting trade is a relatively simple process.
D) believe that the work of reducing trade barriers is done since most tariffs are low and most quotas eliminated.
E) believe the original motivation for nations forming domestic policies and regulations was to create trade barriers to foreign companies.
A
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The above figure shows the production possibility frontier for a country. Suppose the country is producing at point A. What is the opportunity cost of increasing the production of rice to 12 tons?
A) 6 thousand bottles of wine B) 9 thousand bottles of wine C) 15 thousand bottles of wine D) 12 tons of rice E) Nothing, it is a free lunch.
When shortages or surpluses persist for any extended period of time, they
A) are a consequence of failure to allow prices to perform their rationing function. B) are evidence of an underlying imbalance between demand and supply. C) are evidence of goods being scarce. D) indicate that there is no price that will clear the market in the case of some goods.
The horizontal axis on the aggregate demand–aggregate supply model measures
A. the price of the specific product produced. B. the level of total output. C. the price level. D. the level of employment.
Which of the following statements is correct about the demand curve of the perfectly competitive industry?
A) The demand curve of the perfectly competitive industry is horizontal as are the demand curves facing the individual firms. B) The market demand curve of perfect competition is vertical because the individual consumers are buying a homogeneous product. C) The market demand curve of the perfectly competitive industry is downward sloping while the demand curve facing an individual firm is horizontal. D) The market demand curve of the perfectly competitive industry is downward sloping, so the demand curves of the individual firms are also downward sloping.