The reversal of fortune can be primarily attributed to:
A) the religious practices in a nation. B) the type of institutions in a nation.
C) geography of a nations. D) the type of culture in a nation.
B
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By restricting the amount of a good that may be imported, quotas:
a. increase the price, thus causing domestic producers to sell less than they would with free trade. b. lower the price, thus allowing domestic producers to sell more than they would with free trade. c. increase the price and allow domestic producers to sell more at a higher price than they would with free trade. d. lower the price, thus causing domestic producers to realize lower total revenue from the quota item. e. simply replace foreign production with domestic production.
Under adaptive expectations, the short-term effect of an unanticipated shift to a more expansionary macroeconomic policy will be a
a. temporary reduction in the unemployment rate. b. permanent reduction in the unemployment rate. c. temporary reduction in the inflation rate. d. permanent reduction in the inflation rate.