Relative to free trade, domestic consumers of a good are ________ off with a tariff because of the ________
A) better; higher price and greater quantity sold
B) better; higher price and smaller quantity sold
C) better; lower price and greater quantity sold
D) worse; lower price and smaller quantity sold
E) worse; higher price and greater quantity sold
D
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Which one of the following is a function of the Federal Reserve System?
A) providing the economy with currency B) serving as a lender of last resort C) providing a system for check clearing D) all of the above
The table above gives Cathy's total utility from Mt. Dew. Cathy's marginal utility from the 3rd Mt. Dew is ________ units
A) 75 B) 65 C) 25 D) 20
Collusion:
A. occurs only when no dominant strategy is present. B. is a cooperative outcome between competitors. C. is observed, but economists cannot theoretically model it. D. is a theoretical concept that is rarely observed.
Suppose there are five goods in the economy, A-E. The current-year quantity of each is 10A, 20B, 30C, 40D, and 50E. Current-year prices are $1 for each unit of A, $2 for each unit of B, $3 for each unit of C, $4 for each unit of D, and $5 for each unit of E. Base-year prices are $1 for each good. Real GDP in the current year equals _________ and GDP equals _________
A) $550; $150 B) $130; $530 C) $150; $550 D) $530; $130 E) none of the above