Which of the following would be the most likely long-run effect if the United States increased its tariff rates and adopted stricter import quotas?
a. a decrease in both U.S. imports and exports
b. an increase in both U.S. imports and exports
c. a decrease in U.S. imports and an increase in U.S. exports
d. an increase in U.S. imports and a decrease in U.S. exports
A
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In an indifference curve/budget line diagram, at your consumer equilibrium, that is, your best affordable point, which of the following statements is CORRECT?
A) Any movement upward or downward on your budget line will move you to a less preferred point. B) Any movement upward or downward on your indifference curve will move you to a less preferred point. C) Your marginal rate of substitution is greater than the magnitude of the budget line by as much as possible. D) All of the above are correct.
All of the following are required to make a tying arrangement vulnerable to antitrust prosecution except which one?
A) There must be some nontrivial amount of commerce affected by the tying contract. B) There must be proof of an actual tie between two products. C) There must be at least two products involved. D) The seller cannot have substantial market power in the market for the tying product.
The failure of the mercantilism policy and the tax policy during the Great Depression proves that economic policies are meaningless and they do more harm than good
a. True b. False Indicate whether the statement is true or false
In an economy in which velocity is constant and the same level of real output is produced year after year, a slow increase in the money supply would result in a: a. constant price level
b. slowly increasing price level. c. rapidly increasing price level. d. slowly increasing real GDP. e. rapidly increasing real GDP.