A Basic principle of economics is:
A) knowing your customer means understanding their income.
B) there are costs involved in any action or decision.
C) demand equals supply.
D) equilibrium is beneficial.
E) size and market share are important goals for a business.
B
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Define tax incidence
What will be an ideal response?
Which of the following is a nontariff barrier policy tool?
(a) Sanitary regulations. (b) Average duties. (c) Phased liberalization. (d) Ad valorem tax.
The Bretton Woods system was expected to be more stable than the gold standard because
A) the world supply of gold had increased greatly by the time the Bretton Woods system was established. B) large trade deficits and surpluses would be unlikely to occur under the Bretton Woods system. C) fewer countries were involved in the Bretton Woods system than had been involved in the gold standard. D) the IMF was set up to be a lender of last resort.
If a competitive price-taker firm is currently producing a level of output at which marginal cost exceeds marginal revenue, then
a. average revenue exceeds marginal cost. b. the firm is earning a positive profit. c. a one-unit decrease in output would increase the firm's profit. d. All of the above are correct.