Since World War II, tariff reductions have occurred in large part because of negotiations under the:

A. Industry and Trade Administration Act.
B. Employment Act.
C. Monetary Control Act.
D. General Agreement on Tariffs and Trade.


Answer: D

Economics

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The market demand curve facing a monopolist is more elastic than the market demand curve facing a monopolistic competitor

Indicate whether the statement is true or false

Economics

In general, an externality is created when

A) people are affected (other than by price) by a transaction which they were not part of. B) firms produce a product of low quality and consumers don't like it. C) firms have to pay for pollution the environment. D) the government subsidizes education.

Economics

Daniel's consumption of pizzas drops from 6 per week to 4 per week when the price rises from $9 to $11 . His price elasticity of demand for pizza equals

a. 0.5 b. 1 c. 2 d. 0.08 e. 1.7

Economics

Refer to the figure that shows the market for U.S. health care. Other things equal, which of the following would shift the supply curve for medical care from S 2 to S 1 ?



A.  An aging population.
B.  Significant cost-increasing medical technology.
C.  Expansion of the Medicare program to include prescription drugs.
D.  Lower medical malpractice insurance premiums.

Economics