Compared to a tariff, a quota gives the government a better control over the quantity of imports.
Answer the following statement true (T) or false (F)
True
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The GDP equation is
A) Y = C - I - G - NX. B) Y = C + I + G + NX. C) C + I = G + NX. D) C + I = Y + G + NX.
Which one of the following statements is TRUE for BOTH perfect competition and monopolistic competition?
A) Each type of firm faces a downward sloping demand curve. B) Each type of firm produces a homogeneous product. C) In the long run, firms in both industries make zero economic profit. D) Each type of firm competes on product quality and price.
The range of output over which a firm's average variable cost is decreasing is the same as the range over which its
A) marginal cost is increasing. B) average fixed cost is decreasing. C) average product is increasing. D) average product is decreasing.
If the monetary authorities want to lower the size of the monetary multiplier, they should
A. lower the legal reserve ratio. B. raise the legal reserve ratio. C. take actions to increase bank reserves. D. take none of these actions.