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The functional distribution of income shows the distribution of income among? ______ and the personal distribution of income shows the distribution of income among? ______.
A. factors of? production; job type
B. factors of? production; households
C. firms and? households; individuals
D. different types of? workers; households according to location
E. ?firms; households according to age
Indicate all the items in the following list that are not factors of production and explain why.
Item a?: Trucks used by FedEx to make deliveries
Item b?: Your dog
Item c?: Undiscovered coal reserves
Item d?: A garbage truck
Item e?: A pack of bubble gum
Item f?: The President of the United States
A. Item f because people who work in government are unproductive.
B. Item b because it? isn’t productive, and item c because it? isn’t available to produce goods and services. All other items in the list are factors of production.
C. Items ?b, c, and e because they are not productive resources used to produce goods and services?land, ?labor, capital, or entrepreneurship.
D. Item e only because it provides personal enjoyment.
E. Items ?a, d, and f??because they are productive resources used to produce goods and services?land, ?labor, capital, or entrepreneurship.
Which of the following correctly lists the categories of factors of? production?
A. ?owners, workers, and consumers
B. ?machines, buildings,? land, and money??
C. ?land, labor,? capital, and entrepreneurship
D. ?hardware, software,? land, and money
E. ?capital, money, and labor
Consumption expenditure flows from? ______ to? ______ through the? ______ markets.???
A. ?firms; households; factor
B. ?households; firms; goods
C. households and? governments; firms; factor
D. ?governments; households; goods
E. households and? governments; firms; goods
The graph shows the market for pillows.?
Draw a point to show the price of a pillow and the quantity bought and sold. Label it 1.???
The government imposes a tax of? $4 per pillow on buyers.???
Draw the S? + tax curve and label it.????
Draw a point to show the price paid by buyers and the quantity bought and sold with the tax. Label it 2.??
Draw a point to indicate the price received by sellers and the quantity bought and sold with the tax. Label it 3.
Tax incidence is the division of the burden of a tax between the? _____ and the? _____.
A. ?government; buyer
B. ?society; seller
D. ?government; seller
The graph shows the market for apartments in Dayton , Ohio.
If the city government imposes a rent ceiling of ?$600600 a? month, what is the rent and how many apartments are rented in Dayton , Ohio??
?>>> Remember that the quantity given on the x?-axis is in thousands of apartments.
The rent is ?$___ a month and ________ apartments a month are rented.
Despite pleas for a? freeze, stabilized rents to go up
New? York’s Rent Guidelines Board ignored pleas from tenants and elected officials to freeze rents for the first time in its? 40-year history and voted for increases of? 3% on? one-year leases and? 6% on? two-year leases. Maintenance costs for? rent-stabilized buildings have increased? 4%.
Read the news? clip, then answer the following question.
If rents for? rent-stabilized apartments are frozen while maintenance costs have? increased, ______.
A. the shortage of apartments will increase
B. the demand for apartments will decrease
C. landlords will offer more apartments for rent
D. a surplus of apartments will arise
The table shows the demand and supply schedules for? on-campus housing.
If the college puts a rent ceiling on rooms of ?$325325 a? month, rent is ?$____and the number of rooms rented is ______.
?(dollars per? month)
Concerned about the political fallout from rising college tuition?, the U.S. government decides to impose a price ceiling on tuition of ?$20,000 a student.
If more colleges open and drive the equilibrium price of tuition to ?$15 comma 00015,000 a student?, ?_____. The market for college education is? ______.
A. a surplus of college education emerges ?; inefficient
B. a shortage of college education emerges ?; inefficient
C. a surplus of college education emerges ?; efficient
D. neither a surplus nor a shortage of college education emerges ?; efficient
E. a shortage of college education emerges?; efficient
A black market that emerges as the result of a price ceiling is an illegal market in which? _______.
A. the price is less than the legally imposed price ceiling
B. the price exceeds the legally imposed price ceiling
C. the quantity traded is less than the legally imposed quantity
D. the quantity traded is greater than the legally imposed quantity
If the government sets a price on dog food that is below the equilibrium? price, ______.
A. a surplus of dog food occurs
B. new firms enter the industry to meet the increase in demand that results from the decrease in price
C. existing firms in the dog food industry expand production to meet the increase in the quantity demanded
D. a shortage of dog food occurs
The graph shows the market for tomato pickers in southern California.
If California introduces a minimum wage for tomato pickers of ?$8.00 an? hour, how many pickers are employed and how many are? unemployed?
If California introduces a minimum wage for tomato pickers of ?$8.00 an? hour, ____ pickers are employed and __________ pickers are unemployed.
The graph shows the market for orange pickers in Florida.
If Florida introduces a minimum wage for orange pickers of ?$14.00 an? hour, the minimum wage is? ______.
A. efficient and fair
B. inefficient but fair
C. efficient and fair only if the workers can increase the number of hours they work
D. efficient but not fair
E. inefficient and not fair
The graph shows the market for blueberries.
The government introduces a price support for blueberries and sets the support price at ?$3.003.00 a pound.
?_______ gain from the price support and? ______ lose from the price support.?
A. ?Farmers; consumers and taxpayers
B. ?Consumers; farmers
C. ?Taxpayers; consumers
D. Consumers and? taxpayers; farmers
E. Farmers and? consumers; taxpayers
The graph shows the market for cashews.
The equilibrium price of cashews is ?$_____a pound and the equilibrium quantity of cashews is _______ billion pounds
The methods that governments use to support farms? vary, but they almost always include all of the following
A. the payment of a subsidy to the farms
B. the introduction of a price floor
C. lower taxes for farmers
D. isolating the domestic market from global competition
Suppose that the world price of bananas is 18 U.S. cents a pound and that when Australia does not trade bananas? internationally, the market price of bananas in Australia is 12 U.S. cents a pound.
If Australia opens up to? trade, Australia? ______ bananas. The price of bananas in Australia? ______.
A. ?exports; falls
B. ?exports; rises
C. ?imports; falls
D. ?imports; rises
?______ are the? ______ that we buy from people in other countries.
A. ?Imports; goods and services
B. ?Imports; goods
C. ?Exports; goods and services
D. ?Exports; goods
National comparative advantage arises from the differences in? _______ across countries.?
B. the money cost of production
C. opportunity cost
A country that trades internationally imports a good at a price? ______ than what domestic producers could produce the good for before the country began to trade internationally and exports a good at a price? ______ than what domestic producers could sell the good for before the country began to trade internationally.
A. ?higher; lower
B. ?lower; higher
C. ?lower; lower
D. ?higher; higher
The graph shows the car market in Mexico when Mexico places no restriction on the quantity of cars imported. The world price of a car is? $10,000.
Suppose the government of Mexico introduces an import quota of 4 million a year.
Draw a line to show the new supply of cars in Mexico. Label it.
Draw a point to show the quantity of cars bought in Mexico and the price paid
A tariff? _______.
A. is a tax imposed on a good when it is imported
B. enables the government to satisfy the? self-interest of people who earn their incomes in? import-competing industries
C. provides revenue to the government
D. all of the above
The figure shows the car market in Brazil when Brazil places no restriction on imports of cars.
The world price of a car is? $10,000.
Suppose the government of Brazil introduces a 20 percent tariff on car imports.
The new price of a car in Brazil is ?$________.
The graph shows? Spain’s demand for and supply of oranges.
The world price of oranges is euro1.00 a pound.
Suppose that the government of Spain imposes a tariff of
euro0.50 a pound on oranges imported into Spain.
Draw a line to show the price of oranges in Spain. Label it Spanish price.
Draw a point at the quantity of oranges demanded by Spanish consumers at the world price plus tariff. Label it 1.??
Draw a point at the quantity of oranges supplied by Spanish producers at the world price plus tariff. Label it 2.
Which of the following is an example of an import quota??
The United States? _____ .
A. limits the quantity of textiles that U.S. producers may sell to Mexico
B. puts a 10 percent tax on auto part imports from China
C. limits the quantity of auto parts that U.S. car makers may buy from China
D. limits the quantity of sugar that farmers are permitted to produce
Which of the following is an example of an export subsidy??
A. The U.S. government pays farmers? $100 per ton of sugar sold to Canada.
B. Farmers form a union to get higher prices for their exports.
C. The U.S. government pays farmers? $100 per ton of sugar produced.
D. The U.S. government buys fighter jets from Boeing.
The United States maintains an import quota on sugar. What is the argument for this import? quota???
A. Foreign producers would dump sugar at a price below its cost of production.
B. Sugar is essential for national security.
C. Foreign sugar producers pollute.
D. The U.S. sugar industry is an infant industry that will one day be able to compete without protection.
E. The import quota protects U.S. jobs
Indonesians bemoan Hollywood blockbuster blackout
The Indonesian import tariff on Hollywood movies was meant? “to protect local film? makers,” but major Hollywood studios withdrew their films.?
?Source: The Jakarta Post?, July? 6, 2011
Indonesia is using the? ______ argument against free trade with the United States.??
B. lax environmental standard
C. national security
D. diversity and stability
Former Venezuelan president Hugo Chavez opposed the creation of a Free Trade Area of the Americas? (FTAA).
?Why? Who did he think would gain and? lose?
President Chavez thought that? ______.?
A. Venezuela would lose tariff revenue
B. poor workers in Venezuela would lose and rich American firms would win
C. Venezuelans would lose because they would have to clean up their polluting industries
D. Venezuelans would lose because the price of oil would fall
E. Both A and B are correct
Which of the following activities is an example of dumping??
A. Dell pays a 10 percent tariff on its imports of PCs produced in China.
B. Dell exports PCs to India at a price 20 percent lower than the cost of producing them.
C. Boeing imports aircraft components because they cost less than the same components produced in the United States.
D. Boeing exports airplanes to China at a price 10 percent higher than the cost of producing them.
The fundamental force driving international trade is comparative? _______.
A. ?advantage: the country with the lower opportunity cost of production exports the good
B. ?abundance: the country that produces more than it needs exports the good
C. ?cost: a country trades with other countries that produce cheaper goods
D. ?advantage: a country exports those goods that have high prices
With free trade between China and the United? States, the winners are? ______ and the losers are? ______.
A. U.S. consumers of U.S.? imports; U.S. producers of the U.S. import good
B. U.S. producers of the U.S. export? good; U.S. consumers of U.S. imports
C. ?China’s consumers of? China’s imports;? China’s producers of its export good
D. ?China’s consumers of? China’s export? good; China’s producers of its imported good
If Korea imposes an import quota on U.S.? oranges, losers include Korean? ______ of oranges and U.S.? ______ of oranges.
A. ?consumers; producers
B. ?producers; consumers
C. ?producers; producers
D. ?consumers; consumers
The people who support restricted international trade say that? ______.
A. outsourcing sends jobs? abroad, which brings diversification and makes our economy more stable
B. U.S. firms? won’t be able to compete with? low-wage foreign labor if trade is free
C. protection is needed to enable U.S. firms to produce the things at which they have a comparative advantage
D. protection saves? jobs, in both the U.S. and foreign economies