18.3   The Case Against Protection   1) If supporters of restrictions on imports argue that protection is needed to preserve a strategic industry, which of the following is being used? A) Save domestic jobs argument B) National security argument C) Dumping argument D) Infant-industry argument E) Protecting national culture argument   2) Which of the following is the national security argument against free trade? […]

  21) When there is a surplus of a product in an unregulated market, there is a tendency for A) price to rise. B) price to fall. C) quantity demanded to increase. D) quantity supplied to decrease.   22) If the market for blue tooth headsets is unregulated and is presently characterized by excess demand, you can accurately predict that price will A) increase, the […]

  81) Refer to Table 3-2. The equilibrium price for umbrellas is A) $10. B) $15. C) $20. D) $25. E) $30. 82) Refer to Table 3-2. What number of umbrellas would actually be purchased if the price in this market were $10? A) 400 B) 500 C) 550 D) 650 E) 700 83) Refer to Table 3-2. At a price of ________ there would […]

  51) Which of the following would cause the dollar to depreciate? A) an increase in the demand for dollars B) a decrease in the demand for dollars C) a decrease in the supply of dollars D) a decrease in the demand for imports from foreign countries   52) If the demand for the yen increases relative to the dollar, which of the following would […]

  121) If the supply curve for a factor is perfectly elastic, the payments to the factor are A) wholly economic rent. B) wholly transfer earnings. C) partly economic rent and partly transfer earnings. D) neither economic rent nor transfer earnings. E) an unnecessary tax on the factor. 122) The value of a factor in its best alternative use is called A) intrinsic value. B) […]

  71. (p. 42) Which of the following trading partners has become the number one “trade problem” for the United States at the beginning of the 21st century?  A. The United Kingdom B. Japan C. Germany D. Canada E. China 72. (p. 42) Which of the following acts was designed to deal with trade deficits, protectionism, and the overall fairness of our trading partners?  A. The World Trade Organization Act B. The Omnibus Trade and Competitiveness Act of […]

Multiple Choice 1.What was/were the goal/s of the first wave of the women’s rights movement? A.  Woman suffrage – the right to vote. B.  Women’s right to higher education. C.  Women’s right to work in the professions. D.  Women’s right to own property. E.  All of the above 2.What document served as the model for the Declaration of Sentiments? A.  The Magna Carta B.  The […]

    69.              The total standard cost to produce one unit of product is shown a.at the bottom of the income statement. b.at the bottom of the balance sheet. c.on the standard cost card. d.in the Work in Process Inventory account.     70.              An unfavorable materials quantity variance would occur if a.more materials were purchased than were used. b.actual pounds of materials used were […]

    51) The deadweight loss associated with producing a product that has an external cost occurs because A) too much output is produced. B) too little output is produced. C) the price firms charge for the good is too high. D) not enough resources are allocated to producing the good. E) the marginal social cost does not equal zero. 52) When production of a […]

  31) Differences in skills i.can arise partly from differences in education and/or partly from differences in on-the-job training. ii.can lead to large differences in earnings. iii.result in different demand curves for high-skilled and low-skilled labor. A) i only B) ii only C) ii and iii D) i and iii E) i, ii, and iii 32) Other things being equal, the demand curve for low-skilled […]