Who does not want a tariff?
(a) Consumers of imported goods
(b) Domestic businesses producing goods that compete with the imported goods
(c) Politicians trying to garner domestic support from the import-competing domestic industries
(d) The federal government
(a)
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A perfectly elastic demand curve for a firm
A. is represented by a vertical line. B. means that with every unit price increase there will be a unit decrease in demand. C. is formulated by P× Q = a constant, for all prices and quantities. D. indicates that any increase in price will eliminate all purchases of its product.
A sole proprietorship is limited to how many owners?
A) 1 B) 2 C) 10 D) There is no limit to the number of owners.
Because the monopolistically competitive firm faces a ________ demand curve for its product, it ________ the price of its output
A) downward-sloping; can influence B) horizontal; can influence C) horizontal; cannot influence D) downward-sloping; cannot influence
If banks are fully loaned up, have no excess reserves, and the required reserve ratio is raised, the amount that banks can lend is:
a. reduced and the money supply contracts. b. reduced and the money supply expands. c. reduced and there is no change in the money supply. d. increased and the money supply expands. e. increased and the money supply contracts.