During the past 70 years, the peak average tariff rate in the United States stemmed from the
A) creation of GATT in the middle of the 1940s.
B) Kennedy Administration in the early 1960s.
C) Uruguay round of GATT in the 1980s.
D) Smoot-Hawley Tariff Act in the early 1930s.
E) Clinton-Bush tariff of 2000-2001.
D
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Which of the following is a long-term financial instrument?
A) a negotiable certificate of deposit B) a repurchase agreement C) a U.S. Treasury bond D) a U.S. Treasury bill
In a two-period model with production, an anticipated future increase in domestic total factor productivity
A) increases domestic output and increases the current account surplus. B) increases domestic output and decreases the current account surplus. C) has no effect on domestic output and increases the current account surplus. D) has no effect on domestic output and decreases the current account surplus.
After the price of smartphone apps falls, Justin buys fewer flash drives but he buys a new smartphone. For Justin
A) smartphone apps and flash drives are complements, and smartphone apps and smartphones are substitutes. B) smartphone apps, flash drives, and smartphones are all complements. C) smartphone apps and flash drives are substitutes, and smartphone apps and smartphones are complements. D) smartphone apps, flash drives, and smartphones are not all complements.
Regulators employ average cost pricing instead of marginal cost pricing because
A) average cost pricing is more efficient than marginal cost pricing. B) price must be high enough to cover all opportunity costs if the firm is to stay in business. C) the price is lower with average cost pricing. D) average cost pricing is simpler to compute than marginal cost pricing.