The estimated cost of automobile jobs saved due to limitations on foreign autos is $105,000 per job. Why is there a cost to saving jobs through protectionism?
When foreign cars are limited, consumers pay more for cars. In addition, the United States devotes too many resources to car production instead of more resources being transferred to where workers would be most productive.
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According to the interest rate effect, as the price level increases, households and firms' holdings of money ____, interest rates ____, investments ____, and the quantity RGDP demanded ____
a. increases, decrease, increase, decreases b. increases, increase, increase, decreases c. decreases, decrease, decrease, increases d. increases, increase, decrease, decreases
The main determinant of elasticity of supply is the:
A. number of close substitutes for the product available to consumers. B. amount of time the producer has to adjust inputs in response to a price change. C. urgency of consumer wants for the product. D. number of uses for the product.