All of the following will cause the reported growth rate in a country to change EXCEPT
A) changes in productivity.
B) population changes.
C) a shift of the production possibilities curve.
D) changes in the number of poor people in the country.
D
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Since interest rates for borrowing are usually higher than interest rates for savings, the intertemporal budget constraint has an inward kink for individuals that earn income now and in the future.
Answer the following statement true (T) or false (F)
In the market for magazines, the "income effect" means that
A) magazines are usually purchased by people with higher than average incomes. B) a decrease in the price of a substitute product like books will make magazine readers feel a little poorer than they were before. C) an increase in the price of magazines will reduce the total purchasing power of magazine readers, making them able to afford fewer magazines. D) an increase in the price of magazines will raise the relative price of magazines to books, causing magazine readers to read more books and fewer magazines.
Which of the following is not an excise tax?
a. A tax on cigarettes. b. A tax on beer. c. A tax on corporations. d. A tax on airline tickets.
Answer the following statements true (T) or false (F)
1. The revenue and protective purposes of a tariff are largely incompatible. 2. Tariffs bring about a transfer of income from the consumer of the protected product to domestic producers of the product. 3. For an anti dumping tariff to be imposed in the United States, competitive damage from dumping must be shown. 4. Perhaps the strongest argument for trade restrictions is that they protect U.S. workers from low-wage foreign workers. 5. During times of recession, retaining the domestic economy’s money at home is a valid argument for restricting imports.