The highest tariff rates in U.S. history were the result of the
a. Reciprocal Trade Agreements Act of 1934.
b. Hawley-Smoot Tariff of 1930.
c. Tokyo Round of 1970.
d. Uruguay Round of 1986.
b. Hawley-Smoot Tariff of 1930.
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Perfect competition arises if the ________ efficient scale of a single producer is ________ relative to the demand for the good or service
A) minimum; small B) minimum; large C) maximum; small D) maximum; large
Liz's marginal utility for two different goods is determined by
A) her average utility for the two goods. B) how much benefit she gets from another unit of each of those goods. C) summing her total utility from consumption of each good and then dividing by two. D) All of the above answers are correct.
Comment on the following statement: "A firm with market power is able to charge any price it likes."
What will be an ideal response?
With the policy rate set at zero, the rise in expected inflation will lead to a ________ in the real interest rate, which will cause investment spending and aggregate output to ________
A) fall; rise B) fall; fall C) rise; rise D) rise; fall