Which of the following is NOT correct about the effects of a tariff on an imported product?
A) Tariffs benefit domestic producers by raising price and domestic output.
B) Tariffs increase government revenue.
C) Tariffs mean higher prices and less consumption for consumers of the product.
D) Tariffs increase the efficiency of how resources are allocated.
D
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If substitutes for a good are readily available, the demand for that good
A) does not change substantially if the price rises. B) does not change substantially if the price falls. C) is inelastic. D) is elastic. E) Both answers A and B are correct.
The three basic legal forms of business enterprise are
a. monopolists, competitors, and enterprises. b. vertical, horizontal, and conglomerate corporations. c. conglomerates, multinationals, and partnerships. d. proprietorships, partnerships, and corporations.
The equation, Unemployment rate = Natural rate of unemployment - a × (?ctual inflation - Expected inflation),
a. is the equation of the short-run Phillips curve. b. implies the short-run Phillips curve shifts every time there is a change in actual inflation. c. reflects the reasoning of Samuelson and Solow. d. All of the above are correct.
Most app developers have adopted the business model of
A) charging a small fee for their apps to be downloaded. B) allowing their apps to be downloaded and used for free, while trying to still earn money from users. C) charging a between $1.99 and $2.99 for their apps to be downloaded. D) allowing their apps to be downloaded to one device for free, but charging a high price for the apps to be downloaded to additional devices.