Tariff rates on products imported into the United States:
a. were prohibited by the Constitution.
b. have dropped substantially over the past 50 years.
c. reached an all time high in 1996.
d. have steadily increased since 1920.
e. have never played a big part in U.S. trade policy.
b
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Andrew Carnegie was largely responsible for the development of the _________ industry; while John D. Rockefeller was largely responsible for the development of the _________ industry.
Fill in the blank(s) with the appropriate word(s).
Refer to Table 9-10. Suppose an economy has only three goods and the typical family purchases the amounts given in the table above. If 2011 is the base year, then what is the CPI for 2016?
A) 14.3 B) 87.5 C) 114.3 D) 160
An advance in technology commonly refers to the ability to produce
A) the same output with a smaller quantity of resources. B) more output with a fixed quantity of resources. C) more output with a greater quantity of resources. D) both a and b E) both b and c
Exhibit 8-11 A firm's cost and marginal revenue curves
In Exhibit 8-11, when the price rises from $5 to $8, the profit-maximizing (or loss-minimizing) firm goes from making a:
A. loss to making a smaller loss. B. loss to making a larger loss. C. loss to making a profit. D. profit to making a loss.