Import bans, import quotas, voluntary export restraints, and tariffs on goods all
A) increase imports and reduce prices for consumers.
B) reduce imports and prices for consumers.
C) reduce imports and raise prices for consumers.
D) increase imports and raise prices for consumers.
C
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When should a firm increase its production?
a. When it is earning a positive profit. b. When its revenues are too low to cover the firm's fixed costs. c. When there is a fall in the price of its product. d. When its marginal revenue exceeds its marginal cost.
Which of the following statements is (are) correct? The Mundell-Fleming model is
a. a new closed-economy model. b. implicitly assumes a fixed domestic price level. c. is an open-economy version of the IS-LM model. d. Both b and c
Price discrimination results in _____________ than would be observed under a single-price monopoly
a. higher output and lower costs b. lower output and higher costs c. higher output and higher costs d. lower output and lower costs
A self-enforcing agreement:
A. describes an agreement in which every party involved has an incentive to abide by it, assuming that others do the same. B. requires a contract. C. describes the strategy that makes up a Nash equilibrium. D. describes the strategy that makes up a Nash equilibrium and describes an agreement in which every party involved has an incentive to abide by it, assuming that others do the same.