During World War II, there was an extensive black market for tires in the United States. The most likely explanation for the existence of the black market was that
A. the price of tires was artificially held down by price controls.
B. the price of tires was artificially increased by price controls.
C. tires were one of the few goods not subject to price controls.
D. gasoline rationing greatly restricted civilian driving.
A. the price of tires was artificially held down by price controls.
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Individual firms in perfectly competitive industries are price takers because
A) the government sets all prices. B) buyers set prices. C) firms decide together on the best price to charge. D) each individual firm is too small to affect the market price.
Refer to Figure 7-3. What is the value of revenue to foreign producers who are granted permission to sell in the U.S. market when there is a quota?
A) $12 million B) $17.25 million C) $20 million D) $44 million
Describe one important criticism of Rostow's stages of economic growth theory
What will be an ideal response?
Corporate taxes in the US are:
A. regressive. B. proportional. C. progressive. D. a flat tax that adjusts with inflation.