Following the imposition of the Smoot-Hawley tariff
A) international trade continued to expand.
B) more than 40 countries imposed higher tariffs of their own.
C) employment in the United States expanded rapidly.
D) Two of the above.
B
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Describe the two sources of economies of scale and how these economies of scale lead to intraindustry trade
What will be an ideal response?
If a revenue-maximizing firm is told that the price elasticity of demand at current prices is equal to one, it should
a. raise prices 1 percent b. lower prices 1 percent c. raise prices until the elasticity becomes very high d. keep the price where it is e. lower prices until the elasticity becomes very high
Rent subsidies and wage subsidies are better than price controls at helping the poor because they have no costs associated with them
a. True b. False Indicate whether the statement is true or false
Define the terms "economies of scale," "constant returns to scale," and "diseconomies of scale." Among these three situations, operating in which stage is likely to be most profitable for a firm?
What will be an ideal response?