The average U.S. tariff was highest in the
A) 1990s. B) 1980s. C) 1940s. D) 1930s. E) 1970s.
D
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In a closed economy, net exports are _________
Fill in the blank(s) with the appropriate word(s).
Suppose a decrease in the supply of bottled water results in a decrease in revenue. This indicates that
A) the supply of bottled water is elastic in the price range considered. B) the supply of bottled water is inelastic in the price range considered. C) the demand for bottled water is inelastic in the price range considered. D) the demand for bottled water is elastic in the price range considered.
Why are the actions of firms interdependent in an oligopoly market but not in a monopolistically competitive market?
The demand and the supply for a good are each neither perfectly elastic nor perfectly inelastic. If a sales tax on sellers of the good is imposed, the tax is paid by
A) only buyers. B) only sellers. C) both buyers and sellers. D) neither buyers nor sellers.