A free trade agreement plus a common set of tariffs toward non-members is called
A) a common market.
B) a customs union.
C) a free trade area.
D) an economic union.
B
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A difference between the new classical and monetarist models is that expectations in the new classical model are _____ while they are _____ in the monetarist model
a. forward looking; backward looking. b. rational; adaptive. c. correct; mistaken. d. perfectly competitive; imperfectly competitive. e. both a and b.
Protecting endangered species are likely to be
A) a private cost. B) a public cost. C) both private and public costs. D) neither a private nor public cost.
All other things constant, an increase in the wage rate will: a. decrease the quantity of labor supplied. b. increase the quantity of labor supplied. c. increase the supply of labor
d. decrease the supply of labor.
Which statement is true?
A. Because they are the only seller in the industry, the monopolist does not have to lower their price to sell more output. B. Most firms in the United States are monopolies. C. Unlike the perfect competitor, the monopolist does not necessarily produce at that output where MC = MR. D. None of these statements are true.