Suppose that a tariff is imposed on imported cheese. This will have the effect of __________ the price of cheese, __________ consumers' surplus, and __________ producers' surplus
A) increasing; increasing; increasing
B) decreasing; decreasing; decreasing
C) increasing; increasing; decreasing
D) increasing; decreasing; increasing
E) decreasing; decreasing; increasing
D
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What is larger: M1 or M2? Why?
What will be an ideal response?
Refer to Scenario 7.2. This production function is an example of which of the following types of production functions?
A) Cobb-Douglas B) Leontief C) Fixed proportions D) Lagrange E) none of the above
Figure 10-7
In Figure 10-7, through which point must a horizontal demand curve pass to yield a long-run equilibrium?
a.
A
b.
B
c.
C
d.
All of the above is correct.
An increase in corporate income taxes would reduce
A. national income. B. personal income. C. gross domestic product. D. net domestic product.