If the U.S. imposed a quota on motorcycle imports from Japan it would lead to a _____ quantity imported, and a _______ quantity produced in the U.S.
A. lower; higher
B. higher; lower
C. lower; lower
D. higher; higher
A. lower; higher
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The trade-to-GDP ratio is calculated by
A) exports divided by GDP. B) imports divided by GDP. C) exports plus imports divided by GDP. D) exports minus imports divided by GDP. E) exports divided by imports.
A public university knows that demand from potential students is elastic. If the university wants to increase tuition revenue, it should
a. raise its tuition rate
b. hold its tuition rate constant and increase faculty salaries
c. increase its financial aid
d. lower its tuition rate
e. increase its enrollment
The Federal Reserve plays a larger role than Congress and the president in stabilizing the economy because
A) the Federal Reserve can more quickly change monetary policy than the president and the Congress can change fiscal policy. B) the Federal Reserve can immediately recognize when real GDP is below or above potential GDP. C) changes in interest rates have a considerably larger effect on the economy than changes in government purchases or taxes. D) changes in interest rates have their full effect on the economy in a short period of time, whereas changes in government spending and taxes have their full effect over a long period of time.
Economists believe the Cost-Benefit Principle is:
A. a simple but useful model of how people should make choices. B. an interesting intellectual exercise with little applicability to the real world. C. of little use to those who wish to learn how to make better decisions. D. a comprehensive description all the factors that influence people's choices.