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
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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
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.
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
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.