Refer to the figure above. If a price control is imposed at $8, what is the new producer surplus in the market?
A) $20
B) $40
C) $60
D) $80
A
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When the economy slows down and national income falls, the government will have ________ tax revenue to fund programs
A) about the same B) a rapid increase in C) more D) less
Assume that for the third quarter of 2012, actual real GDP was $176.1 billion and potential real GDP was $163.9 billion. According to Okun's law, the cyclical unemployment rate during the third quarter of 2012 was
A) -6.1%. B) -3.7%. C) 3.5%. D) 6.1%.
"Dumping" refers to
A) the sale of goods abroad at a price below their cost and below the price charged in the domestic market. B) unloading of foreign goods on domestic docks. C) government actions to remedy "unfair" trade practices. D) buying goods at low prices in foreign countries and selling them at high prices in the United States.
Which of the following is NOT true about the theory of the dual labor market?
A. It is a class theory of employment. B. The dividing line between the primary and secondary markets is whether you have a college degree. C. Jobs in the secondary market pay better than those in the primary market. D. This theory does not take into account the huge middle level of occupations—nursing, social work, and non-college-graduate positions in insurance, banking, and retailing.