A major purpose of tariffs is to
A) encourage imports.
B) encourage exports.
C) discourage imports.
D) discourage exports.
C
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To ensure that the fundamental identity of national income accounting holds, changes in inventories are
A) treated as part of expenditure. B) treated as part of saving. C) ignored. D) counted as consumption.
If you purchase a $100,000 interest-rate futures contract for 105, and the price of the Treasury securities on the expiration date is 108, your ________ is ________
A) profit; $3000 B) loss; $3000 C) profit; $8000 D) loss; $8000
If the production possibilities curve is a downward sloping straight line, then
A) resources are highly specialized, making it difficult to use them for alternative uses. B) technological change has increased. C) production is efficient only when producing at the mid-point. D) all resources must be perfectly adaptable for alternative uses.
In economics, man-made resources such as tools, equipment, and structures that are used to produce other goods and services are referred to as
a. consumer goods. b. capital. c. marginal goods. d. infrastructures.