The economy is:
A. complex, and it operates under uncertain rules.
B. complex, though it operates under clear rules.
C. simple, and it operates under clear rules.
D. simple, though it operates under uncertain rules.
Ans: A. complex, and it operates under uncertain rules.
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Price discrimination is:
A. only illegal if it hurts consumers more than nondiscrimination. B. only illegal if used to lessen or eliminate competition. C. always illegal. D. always legal.
Foreign investment in the United States gives us
A. greater control over our economy. B. less control over our economy. C. neither greater control nor less control over our economy.
If a customs union leads to a large amount of trade creation relative to trade diversion, it may be beneficial to world welfare
Indicate whether the statement is true or false
Equilibrium in the economy means
A) unemployment is zero. B) quantities demanded and supplied are equal in all markets. C) prices are not changing over time. D) tax revenues equal government spending, so the government has no budget deficit.