Question 1 (10 points)
The contention that tariffs should be imposed when a foreign government provides financial assistance to its producers is:
Question 2 (10 points)
To prevent the dollar from depreciating, the U.S. central bank that tries to fix the currency value of the dollar can:
Question 3 (10 points)
If an economy is at long-run equilibrium, and consumers’ confidence in the economy rises:
Question 4 (10 points)
Which of the following situations best demonstrates the law of demand?
Question 5 (10 points)
In the automobile industry, workers have just negotiated a new contract giving workers a large raise. There has also been an increase in the number of licensed drivers who are in the market for a new car. In the market for new automobiles, the effects that these changes will have on the equilibrium price and quantity include:
Question 6 (10 points)
The rate of unemployment is calculated as the number of:
Question 7 (10 points)
The part of the Federal Reserve System that determines monetary policy actions is the:
Question 8 (10 points)
Suppose we observe the following two simultaneous events in the market for beef. First, there is a decrease in the demand for beef due to changes in consumer tastes. And second, there is a reduction in supply due to cattle farmers selling their land to real estate developers. We know with certainty that these two simultaneous events will cause which of the following?
Question 9 (10 points)
Which one of the following statements is false?
Question 10 (10 points)
The infant-industry argument for tariff protection is that tariffs should be imposed to protect from competition: