An official agreement with another country to restrict the quantity of its exports to the U.S. is
A) a regional trade bloc.
B) the quota system.
C) a voluntary import expansion.
D) a voluntary restraint agreement.
D
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The time and money it takes to organize a group or a campaign and to get the attention of lots of busy people is the:
A. cost of collective action. B. reason why collective action does not happen in the real world. C. reason why all individuals never participate in any collective action. D. initial set-up costs of the campaign or group.
Which of the following shifts the aggregate supply curve to the left?
a. An improvement in computer technology b. A war that forces people to ration their food and their use of energy c. An increase in real wage rates d. Discovery of a new oil field e. Lower oil prices in the world market
Which of the following, other things the same, would make the price level decrease and real GDP increase?
a. long-run aggregate supply shifts right b. long-run aggregate supply shifts left c. aggregate demand shifts right d. aggregate demand shifts left
Each firm in perfect competition:
A. follows the pricing decisions of other firms. B. follows the output of other firms. C. follows the reactions of competitors. D. sets quantity based on market price.