The above figure shows the U.S. market for replacement cell phone batteries. With free trade, the United States imports ________ batteries and once the tariff illustrated in the figure is imposed, the United States imports ________ batteries
A) 900,000; 700,000
B) 800,000; 400,000
C) 300,000; 100,000
D) 700,000; 300,000
E) 900,000; 100,000
B
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Decisions to cut taxes are made by ________ and are an example of ________ policy.
A. the Federal Reserve; fiscal B. Congress; fiscal C. Congress; monetary D. the President; monetary
____________ solves the mutual coincidence of wants problem
a. Barter b. Mercantilism c. Free trade d. Money
Suppose a monopolist faces the following demand curve.
This demand curve can be used to determine:
A. the impact of advertising on demand. B. the total cost associated with producing different levels of output. C. the marginal cost associated with producing different levels of output. D. the monopolist's total revenue at different price and quantity combinations.
Capital goods are counted the same as consumer goods in the national product accounts.
Answer the following statement true (T) or false (F)