The world output is higher if the countries follow restrictive trade policies rather than free trade
a. True
b. False
Indicate whether the statement is true or false
False
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From the economic point of view, "joint costs" are problematic because
A) they can only be determined in markets for illicit drugs. B) there is no way to correctly allocate joint costs. C) they can be measured only by the most sophisticated accounting techniques. D) there is no way to discuss the concept meaningfully.
Refer to above figure. The lowest specific tariff which would be considered prohibitive is ________
Fill in the blank(s) with correct word
The following table depicts the cost and demand structure a natural monopoly faces. Provided that the firm operates as a monopolist, what is the price charged and quantity produced in order to maximize profits?
A) price charged of $900 and quantity produced of 1 B) price charged of $800 and quantity produced of 2 C) price charged of $700 and quantity produced of 3 D) price charged of $600 and quantity produced of 4
Answer the following questions:
a. What is meant by the term "business cycle"? b. What economic indicators would indicate where the economy is in the business cycle? Explain. c. Give the four phases of the business cycle in their order of occurrence. d. What criterion must be met for our economy to be officially in a recession?