A restriction of imports that is accomplished by a quota normally
A. can be accomplished also by a tariff.
B. cannot be replicated exactly by imposing a tariff.
C. can be accomplished also by an export subsidy.
D. can be accomplished also by negotiations within GATT.
Answer: A
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In the market for oranges, the demand and supply of oranges decrease by the same amount. The equilibrium quantity will ________ and the equilibrium price will ________
A) decrease; not change B) decrease; fall C) remain the same; either rise or fall D) remain the same; rise
Suppose the quantity of nursing services demanded exceeds the quantity of nursing services supplied. The nursing wage rate will:
A) decrease. B) increase. C) not change. D) none of the above
If an unregulated electric company is a monopolist, faces demand of Q = 100 - 50P, and has a constant marginal cost of 1, the profit-maximizing price is
a. 0 b. 1 c. 1.5 d. 2
The goal of fiscal policy after the Great Depression was to: a. balance federal budget
b. manipulate aggregate demand and supply to fight unemployment. c. influence aggregate demand. d. influence aggregate supply. e. push the aggregate demand and supply curves to the right.