Refer to Figure 17-10. Consumer surplus with the tariff is

The Herfindahl-Hirschman Index is definitely larger in a ________ market than in a ________ market

A) monopoly; perfectly competitive B) monopolistic competitive; monopoly C) perfectly competitive; monopoly D) perfectly competitive; monopolistic competitive

The Internet has made transactions between businesses (B2B trading) fast and easy. Any business in any location can access specialized knowledge, labor, and materials. It is likely that these virtual economic communities will result in

A) external economies of scale. B) internal economies of scale. C) consolidation of industries into a small number of powerful firms. D) suppression of innovations and collusive behavior, driving up prices. E) government intervention and regulation.

Which statement best describes the current account balance in the short run?

A) Monetary expansion lowers the current account balance. B) Monetary expansion keeps the current account balance the same. C) Fiscal expansion increases the current account balance. D) Fiscal expansion keeps the current account balance the same. E) Monetary expansion increases the current account balance.

Without a central bank, such as the Federal Reserve System, banks, if left to themselves, are likely to

a. create insufficient money when the economy is at full employment b. create too much money when the economy is in a recession c. forego money creation opportunities when the economy is at full employment d. hold less deposits than socially desirable when the economy is at full employment e. hold more excess reserves than socially desirable when the economy is in a recession