A ban on trade is known as a(n)
a. tariff
b. embargo
c. restraint
d. fare
Ans: b. embargo
Economics
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Suppose in the beginning of 2013, a country has a national debt of $5,000 billion. Its GDP in 2013 is $20,000 billion and its budget surplus of $130 billion. Compute its debt-GDP ratio at the end of the year.
A) 2.6% B) 25.0% C) 24.4% D) 6.5%
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For the monopolistically competitive firm, in both the short run and the long run
A) the demand curve is inelastic. B) price will exceed marginal cost. C) there will be no economic profit. D) production will be at minimum average cost.
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Refer to Scenario 7.1. The total cost to produce 100 cookies is
A) $0.10 B) $0.25 C) $25.00 D) $100.00 E) indeterminate
Economics