In 1931, the first major country to abandon the gold standard — in order to increase its policy options in face of the Great Depression — was

Refer to Table 4-4. Suppose that the quantity of labor supplied decreases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?

A) W = $9.00; Q = 330,000 B) W = $8.00; Q = 390,000 C) W = $10.00; Q = 350,000 D) W = $9.50; Q = 370,000

The simple model of competition among political parties long used by political scientists tends to lead to the practical solution of selecting the

A) optimal tariff. B) prohibitive tariff. C) zero (free-trade) tariff. D) the tariff rate favored by the median voter. E) the tariff rate supported by exporters.