The "Buy American" provision in the 2009 stimulus package required that stimulus money be spent only on U.S.-made goods, effectively acting as a quota of zero imports when stimulus money was being spent. In the market for steel, the "Buy American"
provision would ________ the price of steel in the United States and ________ the quantity of steel demanded in the United States.
A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease
Answer: B
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Assuming a long-run aggregate supply curve, an increase in the money supply results in ________ in output and ________ in price level
A) an increase; no change B) a decrease; no change C) a decrease; a decrease D) no change; an increase
If a small percentage increase in the price of a good results in a rather large percentage increase in the quantity supplied of the good, supply is said to be
a. vertical. b. relatively inelastic. c. relatively elastic. d. robust.
Individual Retirement Accounts and 401(k) plans make the current U.S. tax system
a. less like European tax systems than it otherwise would be. b. more like a payroll tax than it otherwise would be. c. more like an income tax than it otherwise would be. d. more like a consumption tax than it otherwise would be.
Who, from among the following, said this "In this world nothing can be said to be certain, except death and taxes."
A. Thomas Jefferson B. Adam Smith C. Benjamin Franklin D. Sir William Petty