The figure above shows that as a result of the tariff, consumer surplus in the United States
A) decreases by $105 million per year.
B) increases by $55 million per year.
C) decreases by $30 million per year.
D) decreases by $20 million per year.
E) remains unchanged.
A
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When the cross price elasticity between good X and other related goods is positive and very low, firm X can be assumed to have:
A) minimal market power. B) moderate market power. C) a significant amount of market power. D) virtually no market power.
_______________ is the name given to active efforts by government or businesses that give special rights to minorities in hiring and promotion to make up for past discrimination.
a. Antidiscrimination legislation b. The Equal Rights Amendment c. Affirmative action d. Civil rights
The lime drinks industry and the cola drinks industry are both operating as oligopolies. The two firms in the lime drinks industry agree to form a cartel, while the three firms in the cola drinks industry are unable to come to an agreement. In the given scenario, which of the following statements is true?
a. The producers of lime drinks will share monopoly profits, while the producers of cola drinks will have profit levels typical of competition. b. The producers of lime drinks will have the profit levels of monopolistic competitors, while the producers of cola drinks will eventually have zero profits. c. The producers of lime drinks will eventually have zero profits, while the producers of cola drinks have the profit levels of perfect competitors. d. The producers of lime drinks will have profit levels like perfect competitors, while the producers of cola drinks will share monopoly profits.
Which of the following would a macroeconomist most likely want to decrease?
a. economic growth b. the labor force participation rate c. the price level d. unemployment