When the demand for grapes increases and the supply of grapes decreases at the same time, we can predict that the:
a. price of grapes will fall
b. price of grapes will rise.
c. quantity of grapes exchanged will fall.
d. quantity of grapes exchanged will rise.
b
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Countervailing duties are intended to neutralize any unfair advantage that foreign exporters might gain because of foreign
A) tariffs. B) subsidies. C) quotas. D) Local-Content legislation. E) comparative advantage.
Which of the following is not a reason why unionized firms can successfully compete with nonunionized firms?
A. Unionized firms are legally protected from price competition with nonunionized firms. B. Employee morale may be higher at unionized firms, so workers are more productive. C. Labor turnover is lower at unionized firms, so unionized firms have lower hiring costs. D. Communication between management and workers is better at unionized firms.
According to the Monetarist view, the impact of expansionary monetary policy will be:
A. the same in the long run as in the short run. B. the same regardless of whether the effects of the policy are anticipated or unanticipated. C. a higher price level (inflation). D. a decrease in short-run prices and an increase in long-run prices.
In defining economic costs, economists emphasize
A. Explicit and implicit costs while accountants recognize only explicit costs. B. Only explicit costs while accountants recognize only implicit costs. C. Only explicit costs while accountants recognize explicit and implicit costs. D. Explicit and implicit costs while accountants recognize only implicit costs.