Considering that the U.S. places a quota on imports of steel from South Korea, which of the following would NOT likely occur?
A) The price of steel in the United States would increase.
B) The quantity of steel produced in the United States would increase or stay the same.
C) The demand for steel in the United States will increase.
D) The quantity demanded for steel in the United States will decrease.
C
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All of the following actions shift the aggregate demand curve to the right EXCEPT
A) the Fed raises the interest rate. B) an increase in government transfer payments. C) inflation is expected to rise next year. D) an increase in expected future profit. E) a decrease in taxes.
In Eugene, Oregon, next year there is a 2% chance of an earthquake severe enough to destroy all buildings and personal property
Quincy, who has $3,000,000 in buildings and personal property, has the opportunity to purchase complete earthquake insurance. Which is true? A) Quincy should not purchase earthquake insurance unless he can get it for less than $60,000, because that's all he could possibly lose in an earthquake. B) Quincy should not purchase earthquake insurance unless he can get it for less than $60,000, because that's his expected loss in an earthquake. C) If Quincy buys earthquake insurance, and an earthquake does not occur, he will have received no utility from the transaction. D) What Quincy is willing to pay for the earthquake insurance depends upon his degree of risk aversion. E) Quincy should be willing and able to pay up to $3,000,000 for earthquake insurance.
If the price of a resource falls, other things constant,
a. demand for the product it produces will increase b. demand for a substitute product will increase c. demand for a substitute resource will fall d. supply of that resource will rise e. supply of a substitute resource will also rise
If parking spaces on a college campus are scarce, with quantity demanded during the “peak” hours, from 8 a.m. to 11 a.m., far greater than the number of spaces, an economist would propose as an efficient solution,
A. lowering the parking fees during those hours to compensate students for the longer search time. B. charging the same parking fees during all hours of the school day. C. raising parking fees during the peak hours to encourage some students to schedule classes during other hours when parking fees are lower. D. hiring more security guards to patrol for illegal parkers.