Compared to an open economy without a tariff, the amount of imported sugar will drop from ________ tons to ________ tons after the tariff is imposed. 
A. 80; 40
B. 60; 30
C. 40; 20
D. 20; 10
Answer: A
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According to this Application, Professor Gordon is ________ about future economic growth in the United States and he predicts a ________ increase during this century
A) optimistic; small B) pessimistic; large C) pessimistic; small D) optimistic; large
In economics we learn that
A) tradeoffs allow us to have more of everything we value. B) tradeoffs allow us to avoid the problem of opportunity cost. C) opportunity costs are all of the possible alternatives given up when we make a choice. D) None of the above answers is correct.
If a country has an absolute advantage in producing a product, it may not have a comparative advantage in producing that product
Indicate whether the statement is true or false
Which of the following is true for the period from Independence to 1860?
(a) The system of indentured servitude died out because it was seen to be immoral and inconsistent with the Constitution. (b) The system of slavery flourished because the relative price of slaves fell consistently. (c) The system of wage labor flourished as immigrant labor poured into the newly opened western lands. (d) European immigrants typically shunned agricultural labor as their ticket to the good life.