What are the two most important demand for money-shifters?
a. changes in price level and in NGDP
b. changes in supply level and in NGDP
c. changes in price level and in RGDP
d. changes in supply level and in RGDP
c. changes in price level and in RGDP
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A firm is producing a joint product, Product A and Product B, with variable proportions. At its current production levels, the marginal benefit of producing Product A is $3 and the marginal cost is $2 and the marginal benefit of producing Product B is $4 and the marginal cost is $5. To maximize profits, the managers of the firm should produce ________ of Product A and ________ of Product B.
A) more; less B) more; more C) less; more D) less; less
In the long run, monopolistic competition
a. results in a monopoly b. ends up with one firm, that is, competition transforms to monopoly c. ends up with many firms in the industry d. has zero barriers to entry e. has no product differentiation
How does an import quota differ from an equivalent tariff?
The average tariff rate of the United States in the 1930s was about ________ of the value of their imports.
A. 1.6 percent B. 7.4 percent C. 59 percent D. 100 percent