If the United States imposes a tariff on a good, then
A) domestic consumption of the good decreases.
B) foreign production of the good increases.
C) the government makes less revenue than it would have gained if it imposed a quota.
D) foreign consumption of the good decreases.
E) domestic production of the good decreases.
A
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The duration of unemployment tends to
A) increase when employment increases. B) increase when business activity decreases. C) increase when the labor force shrinks. D) stay consistently the same over long periods of time.
Sam's production possibilities frontier has good A on the horizontal axis and good B on the vertical axis. If Sam is producing at a point inside his frontier, then he
A) can increase production of both goods with no increase in resources. B) is fully using all his resources. C) values good A more than good B. D) values good B more than good A.
Always there wireless is wireless monopolist in a rural area. There are 200 customers, each of whom has a monthly demand curve for wireless minutes of Qd = 200 - 100P, where P is the per-minute price in dollars and Q is the number of wireless minutes. The marginal cost of providing the wireless service is $0.25 per minute. If Always There charges $0.50 per minute, how large of a fixed monthly fee can it charge and still persuade customers to buy their service?
A. $200 B. $150 C. $225 D. $112.50
When forecasting interest rates and the direction of monetary policy, economists often examine the
A) Federal Deposit Insurance Corporation Report. B) Economic Report of the President. C) Federal Advisory Council Statement. D) Federal Open Market Committee directive.