When a tax is levied on a good,
a. neither buyers nor sellers are made worse off.
b. only sellers are made worse off.
c. only buyers are made worse off.
d. both buyers and sellers are made worse off.
d
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If a monopoly wants to maximize its profit, it should produce in the range where
A) its average costs are declining. B) its demand curve is elastic. C) its marginal costs are declining. D) its marginal costs are less than its average costs.
According to the Economic Freedom of the World measure, the United States was
a. the freest economy in the world during 1980-2000. b. the third freest economy in the world, behind only Hong Kong and Singapore during 1980-2000. c. less free than Australia and Canada throughout the 1980-2000 era. d. less free than the large economies of Western Europe throughout the 1980-2000 era.
Actions like entering a new market, pricing a new product, or making a bid to buy another company are all useful Nash-like managerial decisions because they are
A. not repeated often and the outcome depends on the coordination of decisions with rivals. B. repeated often and the outcome depends on the simultaneous decisions of rivals. C. not repeated often and the outcome depends on the simultaneous decisions of rivals. D. repeated often and the outcome depends on the coordination of decisions with rivals.
Fixed exchange rate regimes
A) existed prior to the nineteenth century but were then superseded by the gold standard. B) lower the transactions costs of buying and selling goods and assets. C) result in higher world interest rates. D) were first established by the GATT in 1971.