A tax on an imported product is a:
Tariff
Quota
Import subsidy
Export subsidy
Tariff
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To create a market
A) roles must be assigned. B) agents need instructions. C) property rights must be defined. D) transactions costs must be zero.
Suppose that Bill and Steve are duopolists in the smartphone apps industry. At the beginning of the year, the two agree to work jointly as a monopoly, producing the monopoly level of output and the monopoly price for their apps. Halfway through the year each app firm is seriously considering breaking this agreement. Given these facts, what’s likely to happen next?
A. Both Bill and Steve realize that their best outcome is to maintain the agreement. B. Both Bill and Steve will break the agreement, the profits each of them will fall. C. Both Bill and Steve will break the agreement, and each sees an increase in profits. D. Both Bill and Steve will break the agreement, output of apps goes up and prices rise.
If an increase in one variable causes a decrease in another variable, this is
A. a negative relationship. B. an independent relationship. C. a dependent relationship. D. a direct relationship.
Your electrician accepts payment only in cash in order to avoid taxes. If you pay him $100,
A) the GDP of your country will increase B) the GDP of your country will fall C) the trade surplus of your country will increase D) the GDP of your country will remain unchanged