If the price floor of a market is raised, which of the following would happen?
a. The consumer surplus would increase, the producer surplus would decrease and the dead weight loss would decrease
b. The consumer surplus would decrease, the producer surplus would decrease and the dead weight loss would increase
c. The consumer surplus, the producer surplus and the dead weight loss would all decrease
d. The consumer surplus, the producer surplus and the dead weight loss would all increase
e. The consumer surplus would decrease, the producer surplus would increase and the dead weight loss would increase
E
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A restriction of imports that is accomplished by a quota normally
a. can be accomplished also by a tariff. b. cannot be replicated exactly by imposing a tariff. c. can be accomplished also by an export subsidy. d. can be accomplished also by negotiations within GATT.
The United States and most other countries utilized Keynes economic theory to attempt to escape from the Great Recession of 2007 - 2009 by increasing ________ ____________ and decreasing ______ ______ to stimulate the economy.
Fill in the blank(s) with the appropriate word(s).