Who does not gain when a tariff is imposed?
a. domestic producers of the good.
b. domestic workers in the protected industry.
c. domestic consumers of the good.
d. domestic suppliers in the protected industry.
c. domestic consumers of the good.
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The term opportunity cost refers to the
a. value of what is gained when a choice is made. b. difference between the value of what is gained and the value of what is forgone when a choice is made. c. value of what is forgone when a choice is made. d. direct costs involved in making a choice.
Many personal finance magazines such as Money and Smart Money routinely give advice as to which stocks to buy. Should you take their advice?
Recall the Application about the Native American Tribes in Michigan that had a monopoly in casino gambling to answer the following question(s).Recall the Application. The tribes agreed to pay the state a share of their profits in exchange for being granted a monopoly in casino gambling. What economic concept does this illustrate?
A. profit maximization B. rent seeking C. irrational behavior D. None of these
If the marginal propensity to consume (MPC) is 0.75 and government purchases increase by $200 billion, then
A. equilibrium real Gross Domestic Product (GDP) will increase by $200 billion. B. equilibrium real Gross Domestic Product (GDP) will increase by $1600 billion. C. equilibrium real Gross Domestic Product (GDP) will increase by $800 billion. D. the effect on equilibrium real Gross Domestic Product (GDP) cannot be determined from the given information.