An increase in the price of off-road vehicles will result in
A) a smaller quantity of off-road vehicles supplied.
B) a larger quantity of off-road vehicles supplied.
C) an increase in the demand for off-road vehicles.
D) a decrease in the supply of off-road vehicles.
Answer: B
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Intraindustry trade refers to
A) international trade of products made within the same industry. B) international trade of products made across different industries. C) trade that occurs as a result of comparative advantage. D) the exchange of non-similar items. E) trade that occurs mostly within developing countries.
The Monetarists argue that in the long run, the Phillips Curve is vertical because
A) wages and prices are flexible. B) money demand is unstable. C) investment is unstable. D) wages change more slowly than the price level.
Marginal revenue is the addition to total revenue resulting from the addition of one unit to total output.
Answer the following statement true (T) or false (F)
People on welfare often face the highest marginal tax rates of anyone because ______
a. of our regressive income tax system b. of the non-deducibility of state sales taxes c. of the loss of entitlement payments when earning additional income d. of increasing marginal utility of income