A tax imposed by a government on imported goods or services is a:
A) quota.
B) tariff.
C) nontariff barrier.
D) trade embargo.
Ans: B) tariff.
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Starting at point A, a reduction in government spending would cause
a. the quantity of loanable funds traded to increase to $125 and the interest rate to rise to 7% (point C). b. the quantity of loanable funds traded to decrease to $75 and the interest rate to fall to 5% (point B). c. the quantity of loanable funds traded to increase to $125 and the interest rate to fall to 5% (point D). d. the quantity of loanable funds traded to decrease to $75 and the interest rate to rise to 7% (point E).
Why is deflation such a problem for consumption and investment?
A. It increases the rate of both. B. It slows both. C. It slows investment while simultaneously increases consumption. D. It causes firms and households to spend more.
Table 1.2 shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S. capacity, ceteris paribus.Table 1.2Production Possibilities for BombersCombinationNumber of B-1 BombersOpportunity cost(Foregone Stealth)Number of Stealth BombersOpportunity cost (Foregone B-1)A20Na195 B35 180 C45 150 D50 100NAOn the basis of Table 1.2, the law of increasing opportunity costs applies to
A. Stealth bombers but not to B-1 bombers. B. B-1 bombers. C. Both B-1 bombers and Stealth bombers. D. Neither bomber.
The four parts of the business cycle occur in the following order
A) recession, trough, peak, expansion. B) expansion, trough, peak, recession. C) recession, trough, expansion, peak. D) expansion, trough, recession, peak.