One of the main reasons that people want to limit imports is the
a. fear that imports will decrease the income of Americans.
b. idea that cheap foreign labor destroys American jobs.
c. concept that if trade benefits another country, it must harm the United States.
d. All of the above are correct.
d
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Suppose the current price of a pound of steak is $12 per pound and the equilibrium price is $9 per pound. In this case, there is a
A) surplus, so the price falls and quantity supplied increases. B) surplus, so the price rises and quantity demanded increases. C) shortage, so the price rises and quantity demanded decreases. D) shortage, so the price falls and quantity demanded increases. E) surplus, so the price falls and quantity demanded increases.
During 2008-2010, the U.S. economy showed signs of a(n)
a. mild recession. b. recessionary gap. c. inflationary gap. d. deflationary gap.