Goods that are similar but are not perfect substitutes are called ________ goods
A) differentiated
B) homogeneous
C) normal
D) inferior
A
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Refer to Figure 18-2. If the government imposes an excise tax of $1.00 on every unit sold
A) the deadweight loss is greater under the supply curve S0. B) the deadweight loss is greater under the supply curve S1. C) the deadweight loss is identical under either supply curve. D) there is no deadweight loss since revenue raised is used to fund government projects.
The exchange rate is the price of
A. An import purchased at the local electronics store. B. An export purchased in a foreign nation. C. One good in terms of another. D. One currency in terms of another.
Refer to Figure 35.4 for the production possibilities curve for Chile: Chile's production and consumption of wine and wheat without trade are represented by point A. Suppose that Chile has a comparative advantage in the production of wine compared to the United States and specialization and trade take place between the two countries. The most likely new combination of wine and wheat available to Chile would be
A. D. B. A. C. C. D. B.
According to the contestable market model, if there are no barriers to entry or exit, the price an oligopolist sets will provide no economic profits in the long run.
Answer the following statement true (T) or false (F)