An import quota on a product normally does all of the following except
A. reduces the volume of that product traded.
B. raises the price in the importing country.
C. increases the price everywhere.
D. reduces the price in the exporting country.
Answer: C
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In the table above, Jack's opportunity cost for 1 pound of food is ________ and his opportunity cost for 1 pound of clothing is ________
A) 1 pound of clothing; 4 pounds of food B) 1/2 of a pound of clothing; 2 pounds of food C) 1/3 of a pound of clothing; 3 pounds of food D) 2 pounds of clothing; 2 pounds of food E) 1 pound of food; 1 pound of clothing
________ flexible wages and prices imply that the short-run aggregate supply curve is ________
A) More; flatter B) Less; steeper C) less; vertical D) More; steeper
Discuss the meaning of the statement: “Human history teaches us that economic growth springs from better recipes, not just more cooking.”
Please provide the best answer for the statement.
Assume the economy begins at the intersection of D0 S0. Suppose that robots were introduced on the auto assembly line. How would this affect the supply curve?
A. move along S0.
B. shift to S1.
C. shift to S2.
D. no change