Which of the following would NOT be an impact of tariffs imposed on foreign cars?
A. Sales of foreign cars decline
B. Domestic car prices decline
C. American jobs are protected
D. Tax revenue is generated for the government
B. Domestic car prices decline
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Profit maximization occurs where
A) each factor is used up to the point where its marginal revenue product is equal to its marginal factor cost. B) each factor is used up to the point where its marginal physical product is equal to its marginal factor cost. C) average variable cost equals marginal cost. D) average variable cost equals average total cost.
The labor supply curve facing a monopsonist is:
a. downward sloping. b. upward sloping. c. a horizontal line. d. backward bending. e. a vertical line.
One of the important points of criticism of industrial policy is that: a. it can lead to stiff competition among the domestic firms in an economy. b. small domestic firms will not be able to survive economic clustering
c. government sponsored research will end up benefitting foreign countries. d. it can prohibit regional innovations. e. the knowhow in one firm will not spill over to other firms in an economy.
When producers produce more consumer goods than consumers are prepared to buy, the remaining consumer goods allow intended investment to increase, increasing national income
Indicate whether the statement is true or false