Both tariffs and quotas
a. benefit domestic consumers by lowering prices
b. benefit domestic consumers by expanding consumption choices
c. are illegal in the United States
d. benefit domestic producers
e. are policy tools that help bring about free trade
D
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As the quantity of a good consumed increases, its marginal utility ________ and its total utility ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Use a figure to illustrate the ineffectiveness of monetary policy to spur on an economy under a fixed exchange rate
What will be an ideal response?
Public choice analysis indicates that it will be politically more attractive to
a. enact restrictive fiscal policy during an economic expansion than to enact expansionary fiscal policy during a recession. b. enact expansionary fiscal policy during an economic expansion than to enact restrictive fiscal policy during a recession. c. enact expansionary fiscal policy during a recession than to enact restrictive fiscal policy during an economic expansion. d. raise taxes than to increase spending.
Which of the following is one of the three main reasons for the spread of democracy?
a. Democratic regimes failed to deliver economic progress to the vast bulk of their populations. b. Economic advances in the past quarter-century have led to the emergence of a class of ruling elite c. New information and communication technologies have broken down the ability of the state to control access to uncensored information. d. Totalitarian regimes delivered economic progress to the bulk of their populations but not enough to the power brokers.