A tariff is
A) a subsidy on domestically produced goods.
B) the difference between the world market price and the domestic price when a group of firms in an industry collude successfully.
C) a tax on imported goods.
D) a government imposed restriction on the quantity of a specific good that can be imported into the country and sold.
Answer: C
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Single-price monopolies maximize profit by producing the amount of output at which
A) total revenue is maximized. B) price is equal to marginal cost. C) price is equal to marginal revenue. D) marginal revenue is equal to marginal cost.
The CPI overestimates inflation because
a. it often ignores the invention of new goods. b. it always includes discount stores. c. it allows substitution from more expensive goods to cheaper goods. d. all of the above.
A monetary system is preferable over the barter system because it
A. is determined by the Congress. B. reduces transaction costs. C. limits cash leakages. D. is easier to track by the government.
Changes in tax laws in 1993
A) reduced Federal revenues by making the tax code more regressive. B) reduced Federal revenues by making the tax code more progressive. C) increased Federal revenues by making the tax code more regressive. D) increased Federal revenues by making the tax code more progressive.