An increase in the tariff on foreign-produced automobiles would most likely help
a. the domestic producers of automobiles.
b. steel producers that sell most of their output to foreign producers of automobiles.
c. workers in the foreign automobile industry.
d. consumers looking for alternatives to domestic automobiles.
A
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A. fiscal B. monetary C. aggregate D. contractionary
Rent control is an example of a price ceiling
Indicate whether the statement is true or false
Ali's Gyros operates near a college campus. Ali has been selling 120 gyros a day at $4.50 each and is considering a price cut. He estimates that he would be able to sell 200 gyros per day at $3.50 each
a. Calculate the price elasticity of demand using the midpoint formula. b. Calculate the change in revenue as a result of the price cut. What will be an ideal response?
A positive effect of advertising for society is that it:
A. Increases market share for the dominant firm in the industry B. Provides useful information to reduce search cost for consumers C. Raises barriers to entry into the industry and protects existing firms D. Creates price leadership and gives firms guidance in dealing with rivals