Today, the average U.S. tariff is 4.6 percent of the value of imported goods, which is very low by historical standards
Indicate whether the statement is true or false
TRUE
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Diminishing marginal returns occur only in the long run.
Answer the following statement true (T) or false (F)
If households in the economy decide to take money out of checking account deposits and hold it as currency, this will initially
A) not change M1 and increase M2. B) decrease M1 and decrease M2. C) decrease M1 and not change M2. D) not change M1 and not change M2.
If the price of chili increases, there will be ________ of chili cheese fries.
A. an increase in the quantity supplied B. an increase in the supply C. a decrease in the supply D. a decrease in the quantity supplied
Suppose that an ad valorem tax of 10% is imposed on consumers of butter. The bread market supply is Qs = 10 + P and the bread market demand is Qd = 220-P. What is the consumers' tax burden?
A) Consumers' tax burden is $3. B) Consumers' tax burden is $10 C) Consumers' tax burden is $5. D) Consumers' tax burden is $2.