During the colonial period, the largest cities were typically
a. port towns.
b. located in the hinterland.
c. in the South.
d. landlocked.
a. port towns.
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When consumption of a good is nonrival and nonexcludable, the good is a
A) public good. B) private good. C) mixed good. D) service.
An equilibrium in game theory in which the players make and share the monopoly profit is called
A) the Nash equilibrium. B) the cooperative equilibrium. C) a contestable market equilibrium. D) limit pricing.
Ceteris paribus, an increase in the current or actual rate of inflation will cause
A) the unemployment rate to decrease (a movement along the short-run Phillips curve). B) the long-run Phillips curve to shift leftward. C) expectations of future inflation rates to be revised downward. D) the short-run Phillips curve to shift upward.
In recent cases, the U.S. placed quotas or protectionist tariffs on imported steel and imported microchips. In both cases the damage to "downstream" industries was obvious to all and relatively easy to quantify and demonstrate. Assuming that the
lawmakers are not plain dumb, why did they enact these protectionist policies?