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1. What two main methods do governments use to intervene in international trade?
a) trade promotion and trade restriction
b) subsidy and currency controls
c) foreign trade zones and embargoes
2. If living standards in a country, as measured by output per person, increase, then total output must have:
increased more rapidly than population increased.
increased at the same rate that population increased.
increased more slowly than population increased.
decreased more rapidly than population decreased.
The success or failure of economic policy with regard to the twin goals may be measured by the
According to 2009 data on the U.S. population which of the following was correct? Adults had higher labor-force participation rates and higher rates of unemployment compared to teenagers. Adults had higher labor-force participation rates and lower ra..
Suppose you just returned to Albuquerque from a trip to the United Kingdom. You were really impressed with the rail system but it seemed to be much more expensive than the Rail Runner. What is the real difference in the cost of the Rail Runner in the..
Fixed cost of production in a fast food restaurant include cost of furniture, rent, insurance charges, interest on the loan taken etc. variable cost of production include cost of the raw material purchased to manufacture food, wages to the staff, cle..
The largest consumer of goods is the government. Many firms pass over this market due to red tape and other issues. Describe the situation. What might help? Please respond to this Discussion Topic
Conduct research on the current state of Social Security. Your 5 page paper should address the following: Explain the concept of Social Security as originally envisioned by President Roosevelt. Evaluate the viability of Social Security within the nex..
Describe the end of the war and the writing of the Treaty of Versailles. What were the terms of the treaty? Which nations were involved in writing the treaty? What was the American reaction to the treaty? Why?
Economists often assume that insurers set premiums (nearly) equal to the AFP for that plan. Is that an accurate assumption? Is a higher “load” on insurance premiums necessarily a bad thing for consumers? When might a higher load be a sign of problems..
Two physical therapy firms want to merge. The price elasticity of demand for physical therapy is -0.40. Firm A has a volume of 10,400, fixed costs of $50,000, marginal costs of $20, and a market share of 8%. What are the total costs, prices, revenues..
An industry consists of a dominant firm with costs C(Qd) = Qd and 8 identical fringe firms, each with costs c(q) = 1 + q^2. Market demand is Q = 20 - p. What is the supply schedule for a fringe firm in the long run? Sketch the supply. (You would need..
Which of the following is a unit excise tax?
Below are some economic data for Utopian (a nation that calculates Gross Domestic Product the same way that the USA does. Income earned in Utopian by foreign firms and residents = $120 billion
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