Which of the following is a set of rules outlining when tariffs are appropriate and when they are not?
A. USSR
B. GATT
C. WTO
D. NAFTA
Answer: B
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Refer to Mexico and Japan. Which country is the more efficient food producer, and which country is the more efficient cloth producer?
a. Mexico is the more efficient food producer, and Japan is the more efficient cloth producer.
b. Japan is the more efficient food producer, and Mexico is the more efficient cloth producer.
c. Mexico is the more efficient producer of both goods.
d. Japan is the more efficient producer of both goods.
Slick Shades has a constant marginal cost of production equal to $80 and the distributors have a constant marginal cost of distribution equal to $30. If Slick Shades is producing the profit-maximizing number of sunglasses (in hundreds), what is the profit-maximizing wholesale price?
The figure above shows the wholesale demand and marginal revenue curves for Slick Shades Sunglasses, a sunglasses firm with market power. Slick Shades Sunglasses has a constant marginal cost of production and it sells to perfectly competitive independent retail distributors that have a constant marginal cost of distribution.
A) $150
B) $120
C) $140
D) $160
A given supply curve illustrates
A) the relationship between price and quantity supplied. B) the effect of a change in resource costs on quantity supplied. C) the effect of a change in technology on quantity supplied. D) the relationship between expected future prices and quantity supplied.
Explain why it makes a difference if consumers consider a tax cut temporary rather than permanent. What does this explanation tell us about the importance of government credibility? Put this in the context of the 2008 and 2009 tax cuts favored by President Bush and President Obama.
What will be an ideal response?