A tariff is

Group of answer choices

a limit on the quantity of a good that can be imported into a country

the difference between the price a product sells for in the country it is produced in and the price it is sold for in another country

a government payment made to domestic firms to encourage exports

a tax on imports

Flag question: Question 2Question 215 pts

International trade and competition has forced American businesses to

Group of answer choices

raise production costs

improve productivity

be less efficient

redistribute income to workers

Flag question: Question 3Question 315 pts

According to the principle of comparative advantage, trade between two countries will benefit:

Group of answer choices

neither country

the country with lower production costs

the country with higher production costs

both countries

Flag question: Question 4Question 415 pts

An exchange rate is:

Group of answer choices

determined by the United Nations.

the number of units of gold backing a nation's money.

the number of units of a nation's output that is equal to one unit of another nation's output.

the number of units of a nation's money that is equal to one unit of another nation's money.

Flag question: Question 5Question 515 pts

Limits on the quantity or total value of specific products imported to a nation are

Group of answer choices

import quotas

protective tariffs

nontariff barriers

export subsidies

Flag question: Question 6Question 615 pts

The stock of knowledge, skills, and talents that people possess is called

Group of answer choices

training investment

skill capital

skill-building investment

human capital

Flag question: Question 7Question 715 pts

Exchange rates that are determined by supply and demand are ______ .

Group of answer choices

fixed

freely floating

Flag question: Question 8Question 815 pts

If a nation imports more than it exports, then its balance of trade is

Group of answer choices

positive

negative

zero

unstable

Flag question: Question 9Question 915 pts

Black worker Jackson earns $30,000 per year; white worker Johnson earns $40,000 per year. On the basis of this information we can conclude that

Group of answer choices

it is not clear whether discrimination is present in this situation

there are no discriminatory forces at work in the labor market

Jackson is being discriminated against, but the dollar amount is unclear

Jackson is being discriminated against in the amount of $10,000 per year

Flag question: Question 10Question 1015 pts

Unions generally do not favor merit pay increases.

Group of answer choices

True

False

Flag question: Question 11Question 1115 pts

The pricing strategy where a phone company will offer different rates at different times during a day is

Group of answer choices

loss leadership

price discrimination

bait & switch

coupon

Flag question: Question 12Question 1215 pts

Which of the following is the model of oligopoly where a group of firms agree to control prices and outputs?

Group of answer choices

nonprice competition

kinked demand curve

price leadership

cartel

Flag question: Question 13Question 1315 pts

A monopsony is a market with ______ buyer(s).

Group of answer choices

many

one

two

few

Flag question: Question 14Question 1415 pts

Which of the following statements supports deregulation of industries?

Group of answer choices

Because few natural monopolies exist, there is rarely a reason for government regulation.

Many instances of government regulation have succeeded in reducing competition in industries where competition may be beneficial.

Technological change has made it possible for many industries to become more competitive.

All of the above

Flag question: Question 15Question 1515 pts

The law of diminishing marginal utility

Group of answer choices

refers to the decrease in total satisfaction as more units of the good are consumed

refers to the fall in additional satisfaction created by consumption of more and more units of a good

refers to the idea that total utility is negative

refers to all of the above

Flag question: Question 16Question 1615 pts

The fact that water, which is essential to life, is inexpensive, whereas diamonds, which do not sustain life, are expensive can be explained by the:

Group of answer choices

law of diminishing marginal utility.

diamond-water paradox.

diamond-water theory.

diamond-water comparison.

Flag question: Question 17Question 1715 pts

If 12 consecutive tosses of a fair coin have all been tails, some individuals tend to think that the next one "must be heads". This is an example of the:

Group of answer choices

casino's fallacy.

dealer's fallacy.

gambler's fallacy.

masked-man fallacy.

hot-hand fallacy.

Flag question: Question 18Question 1815 pts

A person who is ______ is likely to pay more for insurance to protect against financial loss than a person who is ______ .

Group of answer choices

afflicted by the hot-hand fallacy; afflicted by the gambler's fallacy

a risk taker; risk averse

a risk taker; risk neutral

risk averse; a risk taker

risk neutral; risk averse

Flag question: Question 19Question 1915 pts

______ exist(s) whenever one party has access to some aspect of product quality that the other party does not have.

Group of answer choices

Adverse selection

Immoral hazard

Moral hazard

Diminishing returns

Symmetric information

Flag question: Question 20Question 2015 pts

As governor, you have decided that anyone who works but earns less than $20,000 per year will have their health insurance premiums paid for by the government. How does this affect the equilibrium price and quantity of medical services?

Group of answer choices

They are not affected.

They have risen and demand has increased, but supply has remained constant.

They have risen because demand and supply have decreased.

They have fallen because demand has decreased and supply has held constant.

Equilibrium price has fallen and quantity has risen because demand decreased and supply has remained constant.