In the 1930s the United States charged an average tariff rate
A) that cut its exports to other countries by 50 percent.
B) that exceeded 50 percent.
C) that was less than its average tariff rate in 2007.
D) that was less than 2 percent.
B
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A technological advance ________ aggregate supply, shifting the aggregate supply curve ________ and potentially bringing the ________ phase of the business cycle
A) decreases; rightward; expansion B) decreases; leftward recession C) increases; rightward; expansion D) increases; rightward; recession E) increases; leftward; expansion
Of all barriers to entry, the most important are those that are due to
A) economies of scale. B) government-imposed barriers. C) the Herfindahl-Hirschman Index. D) ownership of a key input.
All of the following are economic resources, or factors of production EXCEPT
A) land. B) physical capital. C) money. D) entrepreneurship.
The outcome of the game in the figure shown predicts that Starbucks will earn profits of:
This figure displays the choices being made by two coffee shops: Starbucks and Dunkin Donuts. Both companies are trying to decide whether or not to expand in an area. The area can handle only one of them expanding, and whoever expands will cause the other to lose some business. If they both expand, the market will be saturated, and neither company will do well. The payoffs are the additional profits (or losses) they will earn.
A. $2 million.
B. $1 million.
C. $0 million.
D. $2 million.