If a small country were to levy a tariff on its imports then this would
A) decrease the country's economic welfare.
B) have no effect on that country's economic welfare.
C) increase the country's economic welfare.
D) change the terms of trade.
E) raise prices on its exports in other countries.
A
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Assume that labor and capital are complements in production and that the wage declines. Which of the following statements best describes the adjustment in the use of labor?
A) Adjustments in labor use are not influenced by adjustments in capital use. B) The MRPL curve shifts downward in this case. C) More labor is used both because of the reduced wage and increased use of capital. D) Changes in labor use are indeterminate because the reduced wage and reduced use of capital have opposite influences on the use of labor.
The Safety Fund System
a. operated similarly to the modern Federal Deposit Insurance Corporation. b. was a clearinghouse for banks. c. was established by Nicholas Biddle. d. was used primarily prior to 1863 in Louisiana. e. All of the above.