Looking at the average tariff rate in the United States since 1930, we see that
A) tariffs have trended downward for most of the period.
B) tariffs were made illegal in the United States in 1955.
C) tariff levels have remained high, at over 50 percent throughout the period.
D) while we talk about free trade, tariff levels have risen over the last 30 years.
E) at first tariffs declined, but have recently risen.
A
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One would speak of a change in the quantity of a good supplied, rather than a change in supply, if
A) the price of the good changes. B) the cost of producing the good changes. C) prices of substitutes in production change. D) supplier expectations about future prices change.
The introduction of new technology causes
a. the production function to shift upward b. real output to decrease c. a decrease in the standard of living d. decreases in capital stock e. productivity to decrease
A patent gives exclusive rights to the creator for how many years?
a. 70 b. 95 c. 21 d. 25
Microsoft is accused of which anti-competitive practice?
a. interlocking directorates b. illegal "bundling" of products c. exclusive contracts d. predatory pricing