A tariff has the effect of granting ____ a larger share of the domestic market.
A. domestic consumers
B. foreign consumers
C. domestic producers
D. foreign producers
Answer: C
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Answer the following statements true (T) or false (F)
1. The labor supply curve(s) will shift left if there is a decrease in wages. 2. An increase in the price of a product signals consumers that there is an overage and the product should perhaps be economized on. 3. The market price system provides a highly efficient mechanism for disseminating information about relative scarcities of goods, services, labor, and financial capital. 4. It is a common mistake to confuse the slope of the supply curve with its elasticity. 5. Zero elasticity in either a supply or demand curve occurs when a price change of one percent results in a quantity change of one percent.
Defenders of advertising
a. concede that advertising increases firms' market power. b. concede that advertising makes entry by new firms more difficult. c. contend that firms use advertising to provide useful information to consumers. d. All of the above are correct.
In 2014, output per capita in the United States was approximately equal to
A) $15,500. B) $25,800. C) $43,800. D) $54,592.
When constructing economic models, economists are more concerned with
A. what people think than what they need. B. what people say than how they act. C. what people say than what they do. D. what people do than what they say.