Which of the following decreases if the U.S. removes an import quota on computer components?
a. U.S. imports and U.S. exports.
b. U.S. imports but not U.S. exports.
c. U.S. exports but not U.S. imports.
d. Neither U.S. exports nor U.S. imports.
d
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Whether or not people have identical tastes, the net value that the marginal user receives from a common property is
a. positive. b. zero. c. negative. d. uncertain.
Why did some of the formerly Communist countries of Eastern Europe have inflation rates over 100%, while others didn't? Which factor was more important in explaining the differing inflation rates, real money demand or nominal money supply? Why did
the countries with high inflation rates allow inflation to get so high?
Suppose Q = KaLb, if a + b > 1 the isoquants will be
a. upward sloping. b. progressively closer together at higher quantities. c. progressively further apart at higher quantities. d. equally spaced.
Consider the market for medical doctors. Suppose the opportunity cost of going to medical school decreases for many individuals. Suppose it generally takes about ten years to become a practicing doctor. Holding all else constant, in ten years the equilibrium wage for doctors will
a. increase. b. decrease. c. not change. d. It is not possible to determine what will happen to the equilibrium wage.