Refer to Figure 7-1. Suppose the government allows imports of leather footwear into the United States. What will be the quantity demanded?
A) Q0 B) Q1 C) Q2 D) Q2 - Q0
C
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Involuntary part-time workers are:
A. short-term unemployed workers. B. chronically unemployed. C. considered out of the labor force. D. not counted as unemployed.
The results of many empirical studies of short-run cost functions have shown that total costs conform to
A) a quadratic total cost function. B) a power cost function. C) a linear cost function. D) a cubic cost function.
The use of government taxation and expenditures to achieve macroeconomic goals is called
a. cyclical policy. b. monetary policy. c. fiscal policy. d. industrial policy.
Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process: Name of CompanyRevenuesCost of Purchased InputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$0.75The Corner Store$2.50$2.00 If the oranges were grown and the jam produced in the year 2017, but the marmalade was sold at The Corner Store in the year 2018, what is the contribution of these transactions to GDP in the year 2017?
A. $2.75 B. $2.50 C. $2.00 D. $1.25