Economists consider tariffs to be
a. necessary for the protection of domestic industries and the achievement of full employment.
b. harmful to domestic consumers.
c. obstacles that hinder voluntary exchange and gains from trade.
d. both b and c above
D
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Refer to the scenario above. Which of the following will be true if the service center has a reputation of trustworthiness?
A) The equilibrium outcome will be equitable. B) A unique equilibrium will not occur. C) Multiple equilibria will occur. D) The equilibrium outcome will be socially efficient.
Loans generally require equal payments over a set period of time.
a. true b. false
For a self-sufficient producer, the production possibilities frontier
a. is the same as the consumption possibilities frontier. b. is greater than the consumption possibilities frontier. c. is less than the consumption possibilities frontier. d. is always a straight line.
The efforts of a nation to influence exchange rates is known as:
A. open market operations. B. foreign exchange market intervention. C. rate discrimination. D. establishing terms of trade.