The Smoot-Hawley tariff increased the average tariff rate to ________ percent.
A. 15
B. 30
C. 60
D. 90
Answer: C
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The U.S. trade deficit has been mainly caused by:
A. unfair trade restrictions imposed by other countries on imports. B. production of inferior goods in the U.S. C. cheap labor in other countries. D. a low rate of national saving.
Which of the following is an implicit cost to Mondo Manufacturing, Inc? a. Payments of wages to its office workers
b. Property taxes. c. Depreciation charges on company owned automobiles and trucks. d. Rent paid for the use of equipment.
A profit-maximizing firm operating in a monopolistically competitive market that is in a long-run equilibrium has
a. minimized average total cost. b. chosen to produce where demand is unitary elastic. c. produced the efficient scale of output. d. chosen a quantity of output where average revenue equals average total cost.
Which of the following statements best represents the law of supply?
A) Price and quantity supplied are inversely related. B) Price and quantity supplied are directly related. C) Price and quantity supplied are inversely related, ceteris paribus. D) Price and quantity supplied are directly related, ceteris paribus. E) Price and supply are directly related, ceteris paribus.