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
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%
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.
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.