In the United States, the average level of educational attainment is approximately a
A. primary education.
B. secondary education.
C. higher education.
D. graduate-level education.
Answer: B
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An example of an underemployed resource is a(n)
a. farmer in Illinois who plants corn instead of wheat b. auto mechanic who is laid off from his job c. welfare recipient who doesn't work d. retired senior citizen who doesn't work e. person with a Ph.D. in chemistry who drives a taxi as a full-time job
Producer?producer rivalry functions:
A. only when multiple sellers for a product compete in the market. B. even when customers are not scarce. C. only when single sellers for a product compete in the market. D. regardless of the number of sellers.
Figure 14.1 shows three aggregate demand curves. A shift from curve AD1 to curve AD2 could be caused by a(n):
A. increase in the money supply. B. increase in taxes. C. increase in the price level. D. decrease in government spending.
The basic difference in the economic effects of a tariff compared with a quota is that a:
A. Quota reduces domestic consumption of the product, but a tariff does not B. Tariff allows imports to increase if demand increases, whereas a quota does not C. Tariff raises product prices, but a quota does not D. Quota raises product prices, but a tariff does not