Over the past 80 years, the United States has reduced its average tariff rate so today it is less than 5 percent
Indicate whether the statement is true or false
TRUE
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Explain why a monopoly that knows the demand curve of identical consumers can set a two-part tariff with the lump sum tariff equal to the total amount of potential consumer surplus
What will be an ideal response?
Which statement is false?
A. Under Soviet communism, government planning was substituted for the price mechanism. B. The entire Soviet economy was a Rube Goldberg contraption of subsidies, fixed prices, bureaucratic rules and regulations, special privilege, and outright corruption. C. Had Mikhail Gorbachev not begun dismantling the communist bureaucracy, the Soviet system probably would have been able to continue carrying on business as usual for another century. D. None of the statements are false.
If we are going to get the most value from our resources, entrepreneurs should choose the investment alternatives that
A) are most heavily subsidized by the government. B) yield a profitable rate of return. C) result in the production of the largest possible output regardless of value to consumers. D) reduce the value of resources and retard wealth accumulation.
Which of the following statements is false?
A. Inflation that is higher than expected benefits debtors, and inflation that is lower than expected benefits creditors. B. When unanticipated inflation occurs regularly, the degree of risk associated with investments in the economy increases. C. Whether you gain or lose during a period of inflation depends on whether your income rises faster or slower than the prices of the things you buy. D. There are no costs or losses associated with anticipated inflation.