The economic way of thinking suggests that if the government imposed a $500 tax on owners of red automobiles,
a. fewer red automobiles would be produced and sold.
b. more red automobiles would be produced and sold.
c. there would be no change in the number of red automobiles produced and sold.
d. red automobiles would cease to exist.
A
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If the current margin is greater than the desired margin, the firm should
a. Increase price b. Decrease price c. Not change the price d. Marginal revenue and marginal cost are both zero
Last year your job at the university cafeteria paid you $9 an hour and the price of a ten-minute long distance call to your girlfriend in California was $4 . This year your cafeteria job pays $9.90 per hour and the ten-minute phone call now costs $4.10 . You are clearly
a. worse off because of inflation. b. worse off because the phone call is now relatively more expensive. c. better off because your wage rate went up. d. better off because the phone call now costs less work.
Which of the following is not correct about most economic models?
a. They are composed of equations and diagrams. b. They contribute very little to economists' understanding of the real world. c. They omit many features of the real-world economy. d. In constructing models, economists make assumptions.
________: a provision of the Trade Act of 1974 and its counterpart in the Trade and Competitiveness Act of 1988 that was designed to provide presidential authority to impose duties on products from nations whose trade practices were deemed "unfair" or
that restrict U.S. commerce. Fill in the blank(s) with correct word