A tariff is
A. a tax on imports.
B. a tax on exports.
C. a payment by the government to an exporter.
D. a legal limit on the amount of a good that may be imported.
Answer: A
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What does research into new technologies lead to?
a) It provides positive externalities because it creates knowledge others can use. b) It results in negative externalities because too many resources are used for the small benefits received by society. c) It results in negative externalities because government funding for research leads to cuts in government spending in other areas. d) It provides positive externalities because it increases profits for the company that receives government funding for research.
Minimum efficient scale varies by industry.
Answer the following statement true (T) or false (F)
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.
Consider the monopoly in the figure below with price regulated at $20 per unit. The deadweight loss under the regulated price is: 
A. $1,350. B. $150. C. $2,300. D. There is insufficient information to compute the deadweight loss at the regulated price.