A ______ is a tax on imports.
Fill in the blank(s) with the appropriate word(s).
tariff
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If a price ceiling were established above the equilibrium price,
A) it would have no effect on the quantity demanded. B) it would create a shortage. C) it would create a surplus. D) none of the above.
The assumption of rational behavior:
A. offers a perfect framework for how people actually behave. B. helps economists explain about how people behave in a way that will best achieve their goals. C. explains why people voluntarily engage in decisions for which costs exceed benefits. D. is best applied to psychology and should not be used in the science of economics.
In 1991, the Federal Reserve lowered the reserve requirement from 12 percent to 10 percent. Other things the same this should have
a. increased both the money multiplier and the money supply. b. decreased both the money multiplier and the money supply. c. increased the money multiplier and decreased the money supply. d. decreased the money multiplier and increased the money supply.
The government uses market share figures contained in the ________to help determine whether or not it will challenge a proposed merger.
A. antitrust prohibition ratio B. Herfindahl-Hirschman Index C. concentration ratio D. Cellar-Kefauver Index