A tax of 20 cents per unit of imported garlic is an example of a(n)
A) specific tariff.
B) ad valorem tariff.
C) nominal tariff.
D) effective protection tariff.
E) a disadvantageous tariff.
A
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Excess reserves are
A) desired reserves minus actual reserves. B) required reserves minus actual reserves. C) liquidity funds minus actual reserves. D) actual reserves minus desired reserves.
Markets tend to overallocate resources to the production of a good when
A) there are negative externalities. B) there are positive externalities. C) there are public goods produced. D) equilibrium occurs.
Market power refers to
A) the ability of consumers to dictate what products should be produced. B) the ability of a firm to advertise its product and succeed in selling more output. C) the ability of a firm to sell at a lower price than rival sellers. D) the ability of a firm to charge a price higher than the marginal cost of production.
Globalization and trade:
A. expands economic potential in a similar fashion to productivity enhancing technological progress. B. provide an opportunity to reduce inflation permanently. C. shifts both the short-run and long-run aggregate supply curves to the right. D. all of the answers provided are correct.