If a tariff is used to protect U. S. jobs, a. income is transferred from consumers to protected producers b. national production and income increase c. national production rises but income decreases d. the effect is neutral since imports are replaced by domestic goods Q2. Devices that set up multiple exchange rates between the currencies of two nations are known as a. tariff quotas b. export subsidies c. exchange controls d. variable currencies Q3. If the United States exports wheat to foreign countries that levy tariffs on wheat imports, the probable result is that the price of wheat will a. fall in foreign countries b. rise in the United States c. rise in foreign countries d. rise faster in the United States than in foreign countries Q4. A trading block that includes the United States, Mexico, and Canada was established by the a. Maastricht Agreement b. General Agreement on Tariffs and Trade c. North American Free Trade Agreement d. Organization of American States Q5. As a result of a tariff, domestic consumers buy a. fewer units at a higher price b. fewer units at a lower price c. more units at a lower price d. more units at a higher price Q6. For many welfare recipients, taking a job reduces income. a. true b. false Q7. A country with an equal distribution of income will have a higher standard of living than a country with a more unequal distribution of income. a. true b. false Q8. The Lorenz curve shows a. that income is unevenly distributed b. that income is normally distributed c. how income is distributed d. that income is distributed according to talent and abilities Q9. One of the problems with official poverty statistics is that they a. do not account for inflation b. are not adjusted annually c. omit in-kind transfers, such as food stamps d. omit Medicare payments Q10. According to the U. S. Department of Commerce, a group of two or more persons living together who are related by birth, marriage, or adoption is known as a a. household b. family c. Lorenz unit d. quintile Q11. National income is equivalent to total earnings in the form of wages, rent, interest, and profits. a. true b. false Q12. GDP overstates national income because it does not make any adjustment for national debt. a. true b. false Q13. The measure of income received by persons from all sources is known as a. personal income b. national income c. gross domestic product d. net national product Q14. It is true that a stable economy occurs when a. total injections into the circular flow are large enough to make up for government tax leakages b. total leakages from the circular flow are great enough to offset the effects of government spending c. total planned leakages from the circular flow are exactly equal to total planned injections into the circular flow d. actual saving is equal to planned investment
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