If the U.S. government imposes a tariff on imported steel, who else besides U.S. steel producers gains from the tariff?
A) U.S. steel consumers
B) the U.S. government
C) U.S. importers of steel
D) foreign exporters of steel
E) the foreign government
B
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Which of the following is not necessary in order for a firm to engage in price discrimination?
a. The producer must face an inelastic demand curve. b. The producer must face a downward-sloping demand curve. c. There must be at least two identifiable classes of consumers with different price elasticities of demand. d. The producer must be able, at little cost, to distinguish between the different classes of buyers. e. It must be impossible for one buyer to resell to another.
Marginal benefits are downward sloping when
A. there are no total benefits. B. the slope of the marginal benefits curve is negative. C. total benefits are increasing at a decreasing rate. D. marginal costs are upward sloping.
If you hear that unemployment increased by 2 percentage points to 4 %in the past year, while the labor force participation rate and the population remained constant, it means:
A. twice as many people are without work than was the case a year ago. B. unemployment doubled in the past year. C. there was a 100 percent increase in unemployment. D. All of these are true.
If you have already signed up for a plan with your cell phone company that gives you 4,000 free minutes for $39.99 per month with a cost of $0.35 per minute for any time exceeding the limit, your marginal cost curve is:
A. horizontal at a marginal cost of zero up to 4,000 minutes. B. horizontal at a marginal cost of zero. C. upward-sloping. D. horizontal at a marginal cost of $0.35.