Tariffs or quotas on an imported product:
A. Benefit domestic producers of the product
B. Benefit domestic consumers of the product
C. Benefit foreign producers of the product
D. Hurt foreign consumers of the product
A. Benefit domestic producers of the product
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Consumer demand for DVDs has increased over time because the price of DVD players has:
A) decreased, and DVD players and video cassette players are substitute goods. B) decreased, and DVD players and video cassette players are complementary goods. C) increased, and DVD players and video cassette players are substitute goods. D) increased, and DVD players and video cassette players are complementary goods.
According to Friedman, the apparent conflict between cross-section data which shows a saving rate that varies with income group and time-series data which shows that the saving ratio over the past century is fairly constant is resolved by
A) pointing out that cross-section and time-series data are not comparable. B) interpreting the low saving of poor people as due to the fact that they must buy necessities. C) interpreting the high saving of rich people as due to the transitory nature of much income earned by the rich. D) distinguished between a permanent marginal propensity to consume and a transitory marginal propensity to consume.