Relative to an environment with free trade and no tariff, the winners from the tariff are the domestic ________, and the losers from the tariff are the domestic______. 
A. consumers of sugar and the government; producers of sugar
B. producers of sugar; consumers of sugar and the government
C. consumers of sugar; producers of sugar
D. producers of sugar and the government; consumers of sugar
Answer: D
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Empirical estimates indicate that the annual welfare cost of monopoly in the United States
a. ranges from less than 1 percent to 5 percent of national income b. ranges from 10 percent to 20 percent of national income c. is approximately 10 percent of national income d. is approximately $1 billion e. is approximately $1 trillion
The opportunity cost of doing or getting something is best and fully defined as:
A. The difference between the marginal cost and benefit of doing something B. The materials used in doing or getting something C. The value of the best alternative that is given up in order to do or get something D. The money spent in doing or getting something
Keynes and his followers believed that
A. capitalism was one economic system that guaranteed full employment. B. the economy could not operate at any level of real Gross Domestic Product (GDP) less than full capacity. C. wages and prices in the short run were flexible. D. there was no guarantee that a capitalist economy would reach a full employment equilibrium.
A monopolist maximizes profits by finding
A) the rate of output where marginal revenue equals marginal cost. B) the rate of output where price equals marginal cost. C) the price where price exceeds marginal revenue by that largest amount. D) the price where average revenue and marginal cost are equal.