Japan exports cars to the other countries of the world. In an open economy Japan is most likely to have a domestic price that is ________ the world price of cars.
A. equal to
B. greater than
C. close to
D. less than
Answer: A
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Suppose a market is in equilibrium, and then a price ceiling is imposed at the equilibrium price. Which of the following will happen?
a. Quantity demanded will decrease. b. An excess supply will develop at the price ceiling level. c. An excess demand will develop at the old equilibrium price level. d. There will be no change in price or quantity bought and sold. e. The market will no longer be in equilibrium.
Suppose the Environmental Protection Agency uses a corrective tax to set a price for pollution. Under this policy, is the supply curve for pollution rights vertical or is it horizontal?
Discrimination in the workplace results when
A. employers refuse to hire someone who is an illegal immigrant. B. pay and treatment on a job depend on a person's race, gender, or some other characteristic. C. employers pay people a higher wage if they are better educated. D. people who are less productive are paid less than those who are more productive.
Which antitrust law is sometimes called the "Chain Store Act"?
A) Sherman Act B) Clayton Act C) Robinson-Patman Act D) Federal Trade Act