A legal limit on the quantity of a foreign-made good that can be sold in domestic markets is an ______.
a. exchange rate
b. import tariff
c. export credit
d. import quota
d. import quota
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In Macroland, autonomous consumption equals 100, the marginal propensity to consume equals 0.75, net taxes are fixed at 40, investment is fixed at 50, government purchases are fixed at 150, and net exports are fixed at 20. Short-run equilibrium output in this economy equals:
A. 1,280. B. 1,000. C. 1,160. D. 1,440.
Which of the following is an example of an intermediate good?
A. An antique car sold to the highest bidder B. A pair of skis sold by a sporting goods retailer to a skier C. The lumber produced by Boise Cascade and sold to a builder of old houses D. A share of IBM stock
Competitive offers to buy and sell resources establish money prices, which reflect relative scarcities
A) in all economic systems. B) in any economic system where efficiency is important. C) only when there are no sunk costs to be recovered. D) when resources are privately owned.
Use cost benefit analysis to explain the decision whether or not to attend college. Why do some people choose not to attend college?
What will be an ideal response?