A large U.S. steel firm wants to restrict imports of Japanese steel, but Ford Motor Company wants fewer restrictions on steel so that the price of steel will go down. This can best be described as
a. a zero-sum game
b. a competing-interest situation
c. a special-interest situation
d. a situation without widespread costs and benefits
e. an argument over distribution of a public good
B
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In a closed economy, private saving is equal to which of the following? (Y = GDP, C = Consumption, G = Government purchases, T = Taxes, and TR = Transfers)
A) Y + TR - C - T B) Y - C - T C) Y - G - T + TR D) Y - G - T
A higher nominal money supply is equally demanded, given each level of income, at a ________ interest rate, meaning that the LM curve has shifted to the ________
A) higher, left B) higher, right C) lower, left D) lower, right
In a Nash equilibrium outcome for a two-firm balanced oligopoly
a. both firms avoid the worst case possible b. both firms end up in the worst case possible c. prices charged by both firms are relatively high d. profits earned by both firms are relatively high e. both firms form a cartel
Suppose that Australia imposes a tariff on imported beef. If the increase in producer surplus is $100 million, the increase in tariff revenue is $200 million, and the reduction in consumer surplus is $500 million, the deadweight loss of the tariff is $300 million
a. True b. False Indicate whether the statement is true or false