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1) If the United States imposes a tariff on imported steel, the tariff will a) decrease the U.S. production of steel. b) increase the total U.S. consumption of steel. c) raise the U.S. price of imported steel. d) decrease employment in the U.S. steel industry. I think it would be c here. 2)...

1) In the foreign exchange market, an increase in the world demand for U.S. exports shifts a) demand curve for U.S. dollars rightward b) supply curve for U.S. dollars rightward c) supply curve for U.S. dollars leftward d) demand curve for U.S. dollars leftward I think this one is b. 2) The...

1) The best measure of long-term economic growth potential is changes in a) nominal GDP. b) real GDP per person. c) real GDP. d) nominal GDP per person. I think it would be c here. 2) If the quantity of capital per worker in the economy increases, a) the stock of human capital necessarily...

1) In the labor market, increases in labor productivity ________ the real wage rate and ________ employment. a) lowers; increases b) raises; increases c) lowers; decreases d) raises; decreases I think it's a, but want to make sure. 2) In the United States from 1986 to 2005, advances in...

1) According to Say's law a) the production function defines the total demand for goods and services. b) money is neutral with respect to the real sector of the economy. c) the economy will never suffer from unemployment or underconsumption. d) the economy will suffer from underemployment when...