Protectionism is the view that free trade is ________ and should be ________.
A. inevitable; allowed
B. harmful; restricted
C. illegal; forbidden
D. helpful; encouraged
Answer: B
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The distinguishing feature that determines whether an analysis is classical or Keynesian is
A) the speed of price adjustment. B) the slope of the aggregate demand curve. C) the degree of monopoly power in the economy. D) the assumption about the transmission mechanism of monetary policy.
If on Tuesday the perceived price of studying for an exam is $4 per hour but on Saturday the perceived price of studying for an exam is $10, the law of demand predicts
A) more studying on Saturday and less on Tuesday. B) more studying on Tuesday and less on Saturday. C) the same amount of studying on Tuesday and Saturday. D) no studying on Tuesday or Saturday.
Suppose a monopolist is considering starting a $500,000 advertising campaign. The current demand for its product is given by
p = 150 - 3Q where Q is the quantity of output in thousands. If the monopolist undertakes the advertising campaign, it expects demand to increase to p = 200 - 4Q The (non-advertising) cost for the monopolist is C(Q) = 30Q. a. Determine whether the monopolist should undertake the advertising campaign assuming that it is correctly anticipating the potential increase in demand. b. What is the most the monopolist will invest towards this advertising campaign?
If we were on curve K, the poorest quintile received about _____% of income.
A. 3
B. 6
C. 13
D. 20