Goods and services are sold
A. in the factor markets.
B. by households.
C. only as intermediate goods.
D. in the product markets.
Answer: D
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Reducing present pollution levels to zero: a. would decrease society's welfare. b. is the ultimate goal of policy makers. c. would be socially optimum
d. would increase deadweight loss.
In recent years, tariff rates have declined in the United States, China, and India
Indicate whether the statement is true or false
With free trade, the demand curve facing a small-country monopolist:
a. is horizontal at the world price. b. shifts upward by the amount of imports demanded. c. shifts downward by the amount of imports demanded. d. is horizontal at the firm's MC.
Economists typically agree that the special protection given to owners of patents tends to
A. increase expenditures on research and development. B. reduce economic growth. C. reduce expenditures on research and development. D. reduce productivity.