What is a tradeoff? Give an example
What will be an ideal response?
A tradeoff occurs when one thing must be given up to get another. Tradeoffs are pervasive; at the personal level, students tradeoff time spent studying for time they otherwise could have spent socializing.
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The idea that a government budget deficit decreases investment is called
A) government dissaving. B) the crowding-out effect. C) the Ricardo-Barro effect. D) the capital investment effect.
Which of the following is the best example of a quota?
A) a limit on the quantity of residential air conditioners that can be imported from a foreign country B) a $150 fee imposed on all imported residential air conditioners C) a tax placed on all residential air conditioners sold in the domestic market to help offset the impact of emissions on the environment D) a subsidy from the U.S. government to domestic manufacturers of residential air conditioners to enable them to compete more effectively with foreign producers