In the United States during the Great Depression, tariffs were ________ than they were following World War II, and ________ than they are today
A) higher; higher
B) higher; lower
C) lower; higher
D) lower; lower
Answer: A
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If good “A” is represented on the horizontal axis and good “B” on the vertical axis, then the steeper the production possibilities frontier at a given level of production of good “A,” the
A. larger the opportunity cost of producing an extra unit of good “A.” B. larger the quantity of resources being devoted to the production of good “B.” C. smaller the quantity of resources being devoted to the production of good “A.” D. smaller the opportunity cost of producing an extra unit of good “A.” E. greater the returns to scale in the production of good “A.”
From an economic standpoint, the amount of pollution should be
A) zero. B) the amount that allows firms to maximize profits. C) the amount where firms are earning a normal rate of return on investment. D) at the point at which the marginal benefit from further reduction equals the marginal cost of further reduction.
Luxury brands like designer sun glasses are goods that may exhibit snob effects. Suppose this is true, and the price for a particular brand increases. What happens to the component changes in the quantity demanded?
A. Pure price effect is positive, snob effect is negative. B. Pure price effect and snob effect are positive. C. Pure price effect is negative, snob effect is positive. D. Pure price effect and snob effect are negative.
In practice, regulatory boards try to set the price of a natural monopoly so that price:
A. equals marginal cost. B. covers all explicit costs. C. is constant over time. D. includes all costs plus a normal return on capital investment.