The effect of an export tariff on a large country is to ________ the terms of trade
A) always improve
B) sometimes improve
C) leave unchanged
D) sometimes worsen
E) always worsen
A
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If a decrease in prices increases total revenue for a product in the short run, in the long run, it will: a. Increase total revenue by more
b. Increase total revenue by less. c. Decrease total revenue. d. Either b. or c. could result in the long run.
Which of the following is not true about the wage level in a bilateral monopoly?
A. It is determined by supply and demand. B. It is below the wage where the marginal factor cost curve intersects the labor demand curve. C. It is above the wage level where the marginal wage intersects the labor supply curve. D. It is determined by negotiation.
The Fed's response to the financial crisis of 2007 and 2008 was to
A. raise the reserve requirement. B. raise the federal funds rate. C. encourage discount window borrowing. D. reduce taxes on financial institutions.
A state lottery has a Million Dollar Lottery game that pays $1,000 a week for life. Assuming a 6% nominal rate of interest and generously assuming an infinite lifetime, can this game be called a "Million Dollar Lottery"?
What will be an ideal response?