A tariff is a tax on ____ goods that is designed to ____.
A. exported; protect domestic industries
B. exported; hurt foreign industries
C. imported; made domestic consumers pay more
D. imported; protect domestic industries
Answer: D
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In August 1971, President Nixon implemented price and wage controls to combat inflation. Which of the following statements best describes the change in price levels after the price controls policy was implemented?
a. Inflation remained almost the same for many years. b. The rate of inflation decreased and remained around 3 percent throughout 1972. c.. The rate of change in prices fell below zero in mid-1970s. d. Implementation of controls led to an increase in inflation rates in 1972.
A monopoly can successfully price discriminate as long as there are no close substitutes for its product
a. True b. False Indicate whether the statement is true or false
??Firm 2???High PriceLow PriceFirm 1High PriceFirm 1 earns $100; Firm 2 earns $100Firm 1 earns $25; Firm 2 earns $150?Low PriceFirm 1 earns $150; Firm 2 earns $25Firm 1 earns $50; Firm 2 earns $50Table 12.2The Nash Equilibrium in the game shown in Table 12.2 is the cell in which:
A. both firms choose a low price. B. both firms choose a high price. C. Firm 1 chooses a low price and Firm 2 chooses a high price. D. Firm 2 chooses a low price and Firm 1 chooses a high price.
In the above figure, starting at E3, if there is an increase in technology that causes a permanent increase in production capabilities
A. aggregate supply would shift to SRAS1 and LRAS0 would shift to LRAS1. B. aggregate supply would shift to SRAS0 and LRAS1 would shift to LRAS0. C. aggregate supply would shift to SRAS1 and then return to SRAS0. D. aggregate supply would shift to SRAS2 and LRAS0 would shift to LRAS1.