Except for the Smoot-Hawley tariff, U.S. tariff levels have always been relatively low
Indicate whether the statement is true or false
FALSE
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If the price elasticity of supply is 0.5 and the quantity supplied decreases by 6%, then the price must have decreased by 3%
a. True b. False Indicate whether the statement is true or false
If domestic and foreign prices rise by the same relative amount, what will happen to the trade balance?
a. It will rise. b. Nothing will happen. c. It will fall. d. Not enough information is provided to answer the question.
CEB Iron makes a large profit, but its waste has reduced the quality of fishing in the nearby river. Their negative spillover best represents a ______.
a. moral hazard b. adverse selection c. nonpecuniary cost d. pecuniary cost
Which of the following is a microeconomic topic?
A) the increase in the amount of imports from China to the United States B) the rate at which the cost of living has increased in Canada C) the marketing strategy of the Apple Computer company D) the increase in the employment level of the United States in the past year