Which of the following is common to both tariffs and quotas?
A) Tariffs and quotas are both designed to reduce foreign competition faced by domestic firms.
B) Tariffs and quotas both increase economic efficiency.
C) Tariffs and quotas are both examples of voluntary export restraints.
D) Tariffs and quotas are both used as a means to increase government revenue.
A
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In a long-run perfectly competitive equilibrium,
a. marginal cost and marginal revenue are the greatest distance apart b. barriers to entry are established by entrenched firms c. the typical firm will earn an economic profit d. average total cost is rising e. price and marginal cost are equal to minimum short-run and long-run average total cost
This producer
A. is a perfect competitor.
B. is an imperfect competitor.
C. could be either a perfect or imperfect competitor.
Explain why the law of one price may best be applied to financial assets.
What will be an ideal response?
Between 2009 and 2020, productivity growth is expected to account for about ________ percent of the growth of real GDP in the United States.
A. 23 B. 40 C. 75 D. 92