Efficiency losses are
A) deadweight losses caused by consumers being prevented by tariffs from buying products at the world price, products that they value more highly than that price.
B) the total loss in consumer surplus from a tariff.
C) the increase in producer surplus that is created by a tariff.
D) the deadweight loss that is created because domestic firms have to charge higher prices to produce units of output than foreign firms would have to charge.
D
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What will be an ideal response?
When did the Fed fail to engage in a pre-emptive strike to keep the economy at or near the natural rate of unemployment?
A) 1994 B) 1998 C) 2001 D) None of the above. The Fed acted in each of these years.
A college student's choice of a major and an occupation reflects:
a. each college student's future expectation of wage inflation. b. a lack of information on the part of the students. c. a lack of proper education and vocational training. d. the return on investment in human capital. e. the opportunity costs each college student faces.
The more complex a model is, the easier it is to arrive at a conclusion.
Answer the following statement true (T) or false (F)