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In the 1980s, Japanese automobile manufacturers, fearing a U.S.-government-imposed restric

In the 1980s, Japanese automobile manufacturers, fearing a U.S.-government-imposed restriction, agreed to a voluntary quota on the number of their cars exported to the United States. This quota affected the U.S. automobile market by

a.increasing the prices of Japanese cars to U.S. consumers.

b.increasing the black market for Japanese cars in the United States.

c.decreasing the demand for domestically produced cars in the United States.

d.increasing the market share of Japanese producers in the U.S. market.

e.doing all of these.

 

 

 

72.By imposing a ban on the use of trans fat in New York City restaurants, the government

a.created a positive image of New York as a healthy environment.

b.reduced Wall Street arbitrage in trans fats and other oils.

c.lowered the price of restaurant meals in general.

d.raised the cost of food that relied on trans fat.

e.stimulated demand for a black market in trans fat.

 

 

 

73.Assume that a minimum wage law is enacted and imposed on an otherwise perfectly competitive labor market. We can expect all of the following except

a.the number of people seeking employment to increase.

b.some people to be laid off.

c.the number of laborers demanded to decrease.

d.a greater unemployment rate.

e.more people to gain employment.

 

 

 

74.A minimum wage that is above the market wage will likely

a.create some unemployment.

b.increase employment opportunities.

c.cause a shortage of labor.

d.eliminate poverty.

e.increase the demand for labor.

 

 

 

TRUE/FALSE

 

75.We have the things we desire when we want them due to the market system.

 

 

76."Efficiency" means you get the same amount at a higher cost.

 

 

77.The price system induces people to employ their talents and resources in the most effective manner.

 

 

78.One result of specialization is that economies become less dependent on each other.

 

 

79.One of the guiding principles of economics is that people try to make themselves as well off as possible.

 

 

80.People take jobs in unpleasant, low-wage facilities voluntarily.

Dec 14 2019 View more View Less

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