A tariff
A) makes domestic consumers better off.
B) makes both domestic producers and consumers better off.
C) makes everyone worse off.
D) makes domestic producers better off.
Answer: D
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A rightward shift of the demand curve will lead to an
A) increase in equilibrium price. B) excess demand at the old equilibrium price. C) increase in quantity supplied. D) All of the above.
The differences between a competitive market and a monopoly include all of these except:
a. excess profits would be competed away in a competitive market, but persist in a monopolistic market b. a competitive market would work toward production of the quantity consumers seek, while a monopolistic market may restrict output to raise short term prices c. a competitive market's cost curves will shift with the market, while a monopoly's cost curves will remain stable d. a competitive market would work toward production of the quantity consumers seek, while a monopolistic market may restrict output to raise long term prices
An appreciation of the U.S. dollar
a. is the same thing as a decrease in the consumer price level. b. increases the purchasing power of the U.S. dollar in foreign markets for goods and services. c. decreases the purchasing power of the U.S. dollar in foreign markets for goods and services. d. is the same thing as an increase in the consumer price level.
The time and resources required to administer the current tax system create ______.
a. a high level of efficiency b. a deadweight loss c. an efficient equilibrium d. an economic recession