National Regulations of Entrepreneurship in the System of Trade Policies Measures.d

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1. Which of the following statements is false?
2. Suppose GDP was constant over a period of years and yet living standards increased. Which of the following might not be a reason for this?
3. Which of the following statements is false?
4. In the basic neoclassical growth model, where does equilibrium occur?
5. Suppose the proportion of the population in the workforce increases while everything else stays the same. According to the neoclassical growth model, which of the following statements is false
6. According to the neoclassical growth model, which of the following statements is false?
7. Suppose inflation over the next year is expected to be 5%, and assume there are no supply shocks. What rate of inflation will the short-run Phillips curve show at the natural rate of unemployment?
8. There are many reasons why a poor country may fail to catch up with a rich neighbour. Which of the following is not one of these reasons?
9. Which of the following explains why the long-run Phillips curve is drawn as a vertical line?
10. Which of the following statements about y=Ak growth models is false?
11. Which of the following statements about factors of production is false?
12. Which of the following statements about the use of resources is not one of the key questions in economics?
13. Which of the following statements about producers is false?
14. Which of the following statements is true?
15. What is meant by intermediate goods and services?
16. What is meant by the term final goods and services?
17. Which of the following statements is false?
18. Which of the following statements is false?
19. Which of the following statements is true?
20. Which of the following statements is false?
21. Which of the following is not required for a country to be producing at a point on its production possibility frontier?
22. Which of the following statements is true?
23. Which of the following will not shift a country’s production possibility frontier?
24. Which of the following types of economy describes the economy of the UK?
25. All the following government policies are likely to increase the quantity of some products that are produced. But with one policy, this effect is a side-effect rather than the aim. Which policy is that?
26. Which of the following policies would increase production by taking it to a point closer to the production possibility frontier, but would not shift the frontier?
27. Suppose a country is currently producing at a point on its production possibility frontier, and undertakes no trade with other countries. Then trade is opened up. Which of the following would not occur as a direct result?
28. Which of the following policies is not classed as a stabilization policy?
29. Which of the following statements is a positive statement?
30. Suppose you buy Economics by David King. What is the opportunity cost of your purchase?
31. The supply and demand model applies when three of the following four conditions are met. Which condition is not required?
32. Which of the following predictions is not made by the supply and demand model?
33. Suppose there is excess supply in a market and the price decreases. Which of the following combinations of events will occur?
34. Suppose there is a decrease in supply in a market where the supply curve slopes upwards and the demand curve slopes downwards. Which of the following would not occur?
35. Suppose a market is in equilibrium, and then the demand increases. Which of the following would be shown on a graph that illustrated the effects?
36. Suppose there is an increase in demand in a market where the supply curve slopes upwards and the demand curve slopes downwards. Which of the following might not occur?
37. Which of the following might not lead to an increase in the demand for a product that can be stored?
38. Which of the following might not lead to a decrease in the demand for a type of labour?
39. Which of the following would not lead to a decrease in the supply of a product that can be stored?
40. Which of the following could not lead to an increase in price combined with an increase in the quantity traded?
41. Suppose Countries A and B use only labour as an input and produce only cloth and wheat. In A, a worker in a day could produce 2 units of cloth or 4 units of wheat. In B, a worker in a day could produce 3 units of cloth or 9 units of wheat. At present the countries do not trade. Which of the following statements is false?
42. Return to the countries in question 1. Suppose trade opens up. Which of the following statements is true?
43. Suppose Countries C and D use only labour as an input and produce only tables and tents. In A, a worker in a week could produce 4 tables or 2 tents. In B, a worker in a week could produce 6 tables. Initially the countries do not trade, and then trade opens up. Under which circumstances will country C export tables?
44. Suppose two countries E and F use many inputs. Country E exports tractors and imports televisions. Assuming there are no economies of scale, which of the following statements is true?
45. Which of the following statements is false?
46. Suppose a small country imposes a tariff on a good. Which of the following statements is false?
47. Suppose a large country imposes a tariff on a good. Which of the following statements is false?
48. Which of the following arguments for trade barriers offers potential benefits to consumers?
49. Which of the following might shift the short-run Phillips curve to the left?
50. Which of the following statements is false?
51. When statisticians discuss the distribution of income, which of the following figures do they look at?
52. Which of the following definitions of a household’s income is false?
53. Which of the following statements about income inequality is false?
54. Which of the following might help to make the distribution of original incomes more unequal?
55. Which of the following might help to make original incomes less unequal?
56. Many rich people support government policies for redistribution. Which of the following would not help to explain why they do so?
57. Which of the following statements is false?
58. Which of the following statements about approaches to poverty is false?
59. Suppose a UK newspaper headline reads ‘government figures show that more children are in poverty than was the case ten years ago’. What can we be sure of from this?
60. Which of the following does not cause problems for the government in its efforts to reduce poverty?
61. A drunken passenger on a train sets off the alarm for no good reason, and the train comes to a halt. There is then a long delay before it sets off again. This delights a small boy who enjoys the kerfuffle, but it irritates the other passengers and holds up a freight train behind. Which of the following externalities from consumption has the passenger not created?
62. Suppose both the production and the consumption of a product generate externalities. At which of the following outputs would output be at the Pareto-efficient level
63. Suppose a large city has several power stations which all emit CO2. The government wants to reduce CO2 emissions, but knows that it will cost some power stations more than others to reduce their emissions. In order to secure the most reduction from the stations which would find it cheapest to cut back, which of the following policies would be best?
64. Return to the city in the last question. Suppose the government wishes to reduce CO2 emissions but does not want to measure them. Which of the following policies would be best?
65. Which of the following statements is true?
66. Which of the following statements about rational expectations is false?
67. Consider a fishing ground. Which of the following statements is false?
68. Which of the following problems may be caused by asymmetric information? It may lead to an adverse selection of used cars being offered for sale It may lead to an adverse selection of borrowers applying for loans at a bank It may lead to an adverse selection of drivers applying for comprehensive car insurance
69. Which of the following statements is false?
70. Which of the following statements is false?
71. Which of the following is not an argument against government intervention in a market?
72. Which of the following statements about a price ceiling is false?
73. Assuming that everyone is law-abiding, which of the following would not reduce the quantity traded in a market?
74. Suppose the government introduces a specific tax of £5 a unit on a product which has sloping supply and demand curves. Which of the following statements about the resulting curve S+tax is true?
75. On a graph showing the effects of an ad valorem tax, where do we find the price received by producers?
76. Suppose the labour market is away from equilibrium, with unemployment above the natural rate. The new Keynesian view of inflation and unemployment offers several reasons why the labour market can stay away from equilibrium for long periods. Which of the following is not one of these reasons?
77. Suppose the CAP has imposed a tariff on the import of a certain foodstuff from outside the EU, and suppose that EU consumers always pay a price equal to the rest of the world price plus the tariff. Which of the following events would not lead to a higher price for EU consumers?
78. Suppose the CAP reduces the tariff on imports of a certain foodstuff from outside the EU. Which of the following statements is false?
79. Suppose the government introduces a prohibition on the supply or purchase of some substance. Assuming that some suppliers and some users ignore the law, which of the following could not occur?
80. Which of the following statements about the incidence of a specific tax is false?