Tariffs are:
A. subsidies for imports.
B. taxes on exports.
C. taxes on imports.
D. subsidies for exports.
Answer: C
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The interest rate the Fed charges on loans it makes to banks is called
a. the prime rate. b. the federal funds rate. c. the discount rate. d. the LIBOR.
Answer the next question based on the following payoff matrix for two oligopolistic firms in which the numbers indicate the profit in millions of dollars for each firm. Firm A? High PriceLow PriceFirm BHigh priceA = $250A = $325??B = $250B = $200?Low priceA = $200A = $175??B = $325B = $175Assume that firm B adopts a low-price strategy while firm A maintains a high-price strategy. Compared to the results from a high-price strategy for both firms, firm B will now
A. gain $50 million in profit and firm A will lose $75 million in profit. B. gain $75 million in profit and firm A will lose $50 million in profit. C. lose $75 million in profit and firm A will gain $50 million in profit. D. gain $50 million in profit and firm A will lose $50 million in profit.
One of the key economic questions is "where should products be produced?"
Answer the following statement true (T) or false (F)
In 2015, Janice Quinn sells a five-year-old car to Used Car, Inc. for $6,000. In the same year, Used Car, Inc. resells the car to Hilda Goner for $6,500. What is the contribution of these transactions to GDP in the year 2015?
A. $6,000 B. $12,500 C. $500 D. $0