Which of the following tariffs resulted in worldwide retaliation against the United States during the Great Depression?
A) the Chicken tariff B) the Pasta Tariff
C) the Smoot-Hawley tariff D) the Tariff of Abominations
C
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Over time, state and local governments have passed regulations that limit entry into certain markets. For example, in most locations beauty shops and barber shops must obtain a license to do business
The usual justification for such licensing requirements is to better ensure that only qualified people are offering such services. Considering the efficiency implications of having more or less firms serve a particular market, and the fact that consumers can "vote with their feet" (i.e., buy from a different if they aren't satisfied), is such regulation justified from an economic perspective? Why or why not?
If the equilibrium quantity of a good is also the socially optimal quantity, then:
A. the marginal cost to producers of another unit of the good is zero. B. it's possible to make at least one person better off without hurting anyone else. C. the marginal benefit to consumers of another unit of the good is zero. D. total economic surplus has been maximized.
One reason stagflation is difficult to recover from is because:
A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.
(Advanced analysis) Ricardo deposits $1,000 into his savings account. What rate of interest would he have to earn on his savings for his deposit to be worth $2,000 in eight years?
A. 8.75 percent. B. 9.1 percent. C. 10 percent. D. 10.4 percent.