Quotas and tariffs discourage foreign governments from retaliating with quotas and tariffs of their own
a. True
b. False
B
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The earnings gap between better- and lesser- educated workers has held steady
Indicate whether the statement is true or false
A price ceiling that is set above the equilibrium price:
A. will have no effect on the market. B. will lead to excess supply in the market. C. will lead to excess demand in the market. D. will lead to a black market.
Economies where some production decisions are made by the government and some are made by buyers and sellers are called
A) command economies. B) market economies. C) mixed economies. D) capitalist economies.
Under a marginal cost pricing rule, a regulated natural monopoly
A) makes a positive economic profit and there is a deadweight loss. B) makes zero economic profit and there is no deadweight loss. C) incurs an economic loss and there is a deadweight loss. D) incurs an economic loss and there is no deadweight loss.