Today, the United States charges an average tariff rate
A) that is more than its average tariff rate in 1930.
B) which is greater than any other high-income country.
C) of less than 1.5 percent.
D) that exceeds 50 percent.
Answer: C
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In the above figure, suppose that the government sets a limit to production at 10 units of output and the price rises to $4. In comparison to a competitive market the consumer surplus would fall by
A) $0. B) $10. C) $15. D) $20.
Economists assume that
A) people put other people's interests ahead of their own. B) individuals behave in unpredictable ways. C) consumer behavior is explained by the existence of unlimited resources. D) optimal decisions are made at the margin.
An increase in the price level causes a movement down the aggregate demand curve
Indicate whether the statement is true or false
While it is true that central banks of many countries intervene in the foreign exchange market, why wouldn't it be correct to say that central banks of these countries fix the exchange rates?
What will be an ideal response?