Based on Figure 6.1, suppose the government puts a tariff of $0.25 per bushel on soybean imports. How much will the tariff reduce imports?
A) Imports will decrease by 10 million bushels.
B) Imports will decrease by 20 million bushels.
C) Imports will decrease by 60 million bushels.
D) Imports will not change after the tariff.
B
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The more that firms in an economy believe that the demand for their goods is mainly influenced by the aggregate level of demand and not "local conditions," the ________ is the SAS curve and thus the ________ are cycles in real GDP
A) steeper, larger B) steeper, smaller C) flatter, larger D) flatter, smaller
A decrease in the demand for incandescent light bulbs due to changes in consumer tastes, accompanied by a decrease in the supply of incandescent light bulbs as a result of government restrictions, will result in
A) a decrease in the equilibrium quantity of incandescent light bulbs and no change in the equilibrium price. B) a decrease in the equilibrium price of incandescent light bulbs and no change in the equilibrium quantity. C) a decrease in the equilibrium price of incandescent light bulbs; the equilibrium quantity may increase or decrease. D) a decrease in the equilibrium quantity of incandescent light bulbs; the equilibrium price may increase or decrease.
Refer to Scenario 7.8 below to answer the question(s) that follow. SCENARIO 7.8: A swimming pool cleaning company has the following production possibilities. With one, two, three, and four workers, the company can clean 5, 12, 17, and 20 pools per day, respectively. Refer to Scenario 7.8. The average product of labor with three workers is
A. 333. B. 3.5. C. 5.67. D. 11.33.
Temperature is a measure that changes from time to time and is therefore an example of a(n)
A. variable. B. model. C. causality. D. empirical measure.