Deadweight losses from tariffs and quotas in high-income countries
A) are small enough to be ignored.
B) have been reduced since the mid-1990s.
C) are greater than consumer losses from tariffs and quotas.
D) can be justified by jobs protected.
B
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Use the following table to answer the next question.All figures below are in billions of dollars.Domestic Output or Income (RGDP = DI)Consumption$240$244250250260256270262280268290274300280310286320292When there is no investment in this private closed economy (an economy with only a private sector and no international trade), the equilibrium level of real GDP will be
A. $240 billion. B. $270 billion. C. $260 billion. D. $250 billion.
Answer the following statement(s) true (T) or false (F)
1. Social welfare would be increased if a monopolistically competitive industry were replaced with a competitive industry. 2. The Robinson-Patman Act was designed to stop resale price maintenance. 3. It is possible for a firm engaging in predatory pricing to make a profit on the good even thought the price is set artificially low. 4. It is possible to avoid the prisoners' dilemma as long as the interaction is repeated and has a definite ending date. 5. Fair trade refers to the fact that retailers are free to set their price in the absence of resale price maintenance.
One difference between the assets included in M1 and those added to calculate M2 is that items in M1 are
a. better stores of value than those added to compute M2. b. more liquid than those added to compute M2. c. less liquid than those added to compute M2. d. larger than those added to compute M2.
John and Robert are having an argument about the recent economic downturn in Florin. According to John, government intervention is not required to bring the economy back to the natural level of real GDP. However, Robert believes that the only way to restore the economy is to increase aggregate demand through government intervention. We can conclude that John believes in the _____ of economic
thought. a. Keynesian school b. classical school c. neoclassical school d. new classical school