Question

In: Economics

1. Which of the following would increase prices for U.S. consumers? a. ​ a tariff on...

1. Which of the following would increase prices for U.S. consumers?

a.

​ a tariff on imported automobiles
b.

​ an automobile import quota
c.

​ a foreign government subsidizing auto production
d.

​ (a) and (b) above only

​ 2. The larger the MPC:

a.

​ the less powerful changes in individual taxes will be in changing aggregate demand.
b.

​ the smaller the multiplier.
c.

​ the smaller the effect of a given increase in government purchases on consumption purchases.
d.

​ the larger the effect of business taxes which reduce investment on aggregate demand

3. Suppose that the U.S. can make 15 cars or 20 bottles of wine with one year's worth of labor. France can make 10 cars or 18 bottles of wine with one year's worth of labor. From these numbers, we can conclude

a.

​ the U.S. has a comparative advantage in the production of cars.
b.

​ France has a comparative advantage in the production of wine.
c.

​ the U.S. has a absolute advantage in the production of wine.
d.

​ all of the above are conclusions are correct

4. Which of the following is an example of a pure market economy?

a.

​ United States
b.

​ Switzerland
c.

​ Singapore
d.

​ No nation has a pure market economy

Solutions

Expert Solution

Rahul Sunny answered 7 months ago
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