Which of the following works to limit trade by explicitly raising prices (i.e. as a tax)?
A. quotas
B. non-tariff regulatory barriers
C. subsidies
D. tariffs
Answer: D
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If a monopsonist offers a wage of $6, he finds that 1,200 people are willing to work for him. This means that the:
A. marginal factor cost is $6. B. marginal factor cost is $200. C. total wage cost is $1,200. D. total wage cost is $7,200.
Lowering the interest rate will
A) increase investment projects by firms. B) decrease the value of the dollar and lower net exports. C) decrease spending on consumer durables. D) decrease spending on new homes.
An important critique of real business cycle theory is the belief that cyclical movements in total factor productivity
A) rarely occur. B) may, in part, be an artifact of measurement error. C) lead to imperceptible changes in labor demand. D) are too small to account for the size of fluctuations in real GDP.
Suppose there is no change in total revenue when the price changes. The demand curve for this good is:
a. perfectly elastic. b. perfectly inelastic. c. elastic. d. inelastic. e. unitary elastic.