Refer to Figure 9.8. In order to gain the equivalent imports as a $50 tariff, the government would have to impose a quota of
A) 100 tons of sugar.
B) 200 tons of sugar.
C) 300 tons of sugar.
D) 350 tons of sugar.
E) 500 tons of sugar.
A
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With a rise in government expenditure we
A) move up along an aggregate demand curve. B) move down along an aggregate demand curve. C) shift the aggregate demand curve to the right. D) shift the aggregate demand curve to the left.
Refer to the graph shown. A policy that cuts government spending would be most appropriate when the economy is at point:
A. A. B. B. C. C. D. D.
The costs associated with reaching and enforcing agreements are called
A) private property costs. B) common property costs. C) transaction costs. D) public costs.
Which statement is TRUE when rational expectations exist and there is a change in monetary policy which is expected?
A. The change in monetary policy does not change equilibrium in either the short-run or long-run. B. The change in monetary policy leads to a change in aggregate demand that leads to a temporary short-run equilibrium that is different from the long-run equilibrium. C. The change in monetary policy lead to a simultaneous shift in the long-run aggregate supply curve. D. The change in monetary policy leads to a simultaneous shift of the short-run aggregate supply curve.