Most economists _________ tariffs and _________ quotas.
A. favor; favor
B. oppose; oppose
C. favor; oppose
D. oppose; favor
B. oppose; oppose
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
During 2008, oil price increases
A) did not shift the short-run aggregate supply curve as far to the left as similar increases had 30 years earlier. B) shifted the short-run aggregate supply curve farther to the left than similar increases had 30 years earlier. C) shifted the aggregate demand curve farther to the left than similar increases had 30 years earlier. D) shifted the aggregate demand curve farther to the right than similar increases had 30 years earlier.
Which of the following represents a problem with using per capita GDP to compare standard of living between less-developed and industrially advanced countries? a. GDP per capita does not take into account differences in population between countries
b. GDP is particularly difficult to measure in industrially advanced countries because a much larger percentage of economic activity occurs outside of officially measured market activity than in less-developed countries. c. GDP per capita will overstate the prevailing standard of living for the average person in countries with extreme levels of income inequality. d. None of the above are correct.
Elasticity provides a guide to both
a. market stability and change in revenue as price changes. b. responsiveness of quantity demanded to a change in price and market stability. c. responsiveness of quantity demanded to a change in price and change in revenue as price changes. d. technological change and change in revenue as price changes.