A tariff
A) makes domestic consumers worse off.
B) makes both domestic producers and consumers worse off.
C) makes everyone better off.
D) makes domestic producers worse off.
Answer: A
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Under perfect competition, if a firm is suffering a loss,
a. MR exceeds ATC. b. AR equals AVC. c. AR equals ATC. d. AR is less than ATC.
The price elasticity of demand for widgets is -0.80. Assuming no change in the demand curve for widgets, a 16% increase in sales implies a _______ reduction in price.
A. 40% B. 1% C. 12% D. 20%
From 1800 to 1940, the price level in the United States
A) trended neither upward nor downward. B) fluctuated wildly. C) declined slowly. D) increased slowly.