Both tariffs and quotas will restrict supplies coming into the country from abroad
a. True
b. False
Indicate whether the statement is true or false
True
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Goods and services provided by state and local governments are:
A. included in GDP at cost. B. excluded from GDP because they are not sold in markets. C. excluded from GDP because they are publicly provided. D. included in GDP at market prices.
Refer to the above table. The equilibrium real GDP is
A) $14 billion. B) $12 billion. C) $15 billion. D) $13 billion.
Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $17.50 what is the firm's profit-maximizing output?
A) 2 tattoos per hour B) 3 tattoos per hour C) 4 tattoos per hour D) 5 tattoos per hour
The term transfer payments refers to
A. Federal income taxes. B. Money that is transferred between savings and checking accounts. C. Additional profits transferred to monopolies as a result of their market power. D. Payments to individuals that are not in exchange for current goods and services being produced.