The approach to understanding the determination of real GDP and the price level that emphasizes flexible wages and prices and competitive markets is

Although rice is a staple of the Japanese diet, the Japanese government has long restricted the importation of rice into Japan. The result of this import quota is:

A) to decrease the price of rice to the Japanese people. B) to decrease the consumer surplus of Japanese rice consumers. C) to decrease the producer surplus of Japanese rice producers. D) a welfare gain for the Japanese people. E) to increase the consumption of rice by the Japanese people.

Approximately half of all U.S. workers are employed by various levels of government

a. True b. False Indicate whether the statement is true or false