All of the following reduce the transaction costs for consumers EXCEPT
A) eBay.
B) a shopping mall.
C) a court decision regarding product safety.
D) a grocery store.
Answer: C
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The argument a tariff on imported goods produced by an unlimited industry could benefit the members of the domestic union is
A) the national defense argument. B) the protect domestic jobs argument. C) the infant industry argument. D) the dumping argument.
Refer to Figure 7-1. Suppose the government allows imports of leather footwear into the United States. The market price falls to $24. What area represents domestic producer surplus?
A) T + U B) V + W + X + Y C) W + X + Y D) V
Suppose that the ratio of retirees to working citizens is currently 1 to 5, meaning that there are 5 working people for every retiree. Suppose that in thirty years the ratio will change to 1 to 2. If benefits remain the same, what will happen to the tax rate assuming retirees are provided benefits in a pay-as-you-go system? How much would benefits decrease if the tax rate remained the same?
What will be an ideal response?
If the inflation rate is lower than expected, real income is redistributed from lenders to borrowers
a. True b. False