Give an example from your text of a nontariff measure that could reduce the quantity of imports or exports
What will be an ideal response?
Special fees imposed on importers, burdensome and unnecessary customs procedures, unreasonable technical standards, phony health and safety standards, state trading companies, anticompetitive practices, restrictive government procurement rules, corruption
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Which of the following leads to an increase in the quantity supplied but not an increase in supply?
A) an increase in the product's price B) a decrease in the costs of production C) an advance in the technology used to produce the good D) an increase in the number of firms producing the good or service E) an increase in the price of another product that the suppliers can produce
Based on the above figure, which of the following is TRUE?
A) At a price of $6, quantity demanded is equal to quantity supplied. B) At a price of $4, quantity demanded is greater than quantity supplied. C) At a price of $8, quantity demanded is less than quantity supplied. D) All of the above answers are correct.
Real income is redistributed from ________ in the case of ________ inflation
A) creditors to debtors, anticipated B) creditors to debtors, unanticipated C) debtors to creditors, anticipated D) debtors to creditors, unanticipated
When output exceeds its full-employment level,
A) the short-run aggregate supply function shifts up. B) wages fall. C) the short-run aggregate supply function shifts down. D) aggregate supply exceeds aggregate demand.