A tariff on imports affects foreign suppliers ____; a quota affects foreign suppliers ____.
A. effectively; ineffectively
B. haphazardly; carefully
C. equally; capriciously
D. unfairly; fairly
E. unequally; unequally
Answer: C
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Suppose that eight workers can manufacture 70 radios per day and that nine workers can manufacture 90 radios per day. If radios can be sold for $20 each, the value of marginal product of the ninth worker is
a. 20 radios. b. 90 radios. c. $200. d. $400.
The graph below shows the Chamberlin model. If additional firms enter the market we would expect 
A. the dd curve to become steeper. B. the MC and ATC curves to shift downward. C. each individual firm to be worse off. D. the DD curve to shift right.
For the CPI. the value of the index in the base year
A. depends upon what prices did the year before. B. always equals 100. C. depends upon price and quantity that are constantly changing. D. is always greater than 100.
Because the short-run average total cost curve slopes downward for an information product, the firm experiences
A) a downward sloping marginal cost curve. B) a downward sloping average variable cost curve. C) short-run economies of operation. D) long-run diseconomies of scale.