A supply restriction that restricts the amount of a good that can be imported is a(n)
A) white market.
B) tariff.
C) black market.
D) import quota.
Answer: D
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People who reject all theories because they prefer to rely on experience
A) actually rely on unrecognized theories. B) don't know any theories and are trying to cover up their ignorance. C) tend to accomplish more but also to make more mistakes. D) tend to make fewer mistakes but also to accomplish less. E) value science more than theory.
If the Federal Reserve raises or lowers interest rates too late, it could result in a ________ policy that destabilizes the economy
A) budgetary B) fiscal C) procyclical D) countercyclical
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were to open to trade, domestic producers would increase:
A. experience deadweight loss of FG. B. enjoy a net gain to surplus of BC. C. suffer a net loss to surplus of BCD. D. suffer a transfer of surplus to producers of BC.
Explain how businesses decide how much labor to hire in order to produce a certain level of output
What will be an ideal response?