Which of the following is a likely effect of tariffs on trade?
a. higher sales of imported goods
b. lower prices of imported goods
c. lower sales of imported goods
d. higher quotas for imported goods
c. lower sales of imported goods
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Pessimistic consumer expectations and decreased government spending are both associated with:
a. a downward movement along the aggregate demand curve. b. an upward movement along the aggregate demand curve. c. a leftward shift of the aggregate demand curve. d. a rightward shift of the aggregate demand curve. e. a steeper slope of the aggregate demand curve.
Which of the following is true regarding the market for steak shown in Figure 3-1?
a. If the price of steak were $2 per pound, producers would want to supply less steak than consumers would want to buy. b. If the price of steak were $4 per pound, producers would want to supply more steak than consumers would want to buy. c. If the price of steak were $3 per pound, producers would want to supply the same amount of steak that consumers would want to buy. d. All of the above are true regarding the market for steak shown in the figure.
If the MPS is 0.60, MPC
A) is 1.60. B) is 0.40. C) is 0.30. D) cannot be determined by the given information.
All of the following are characteristics of a perfectly competitive market, except one. Which is the exception?
a. a large number of sellers b. a standardized product c. no barriers to entry d. sellers can easily exit the market e. an intensive rivalry among the sellers