A quota
A) makes domestic consumers worse off.
B) makes both domestic producers and consumers better off.
C) makes everyone worse off.
D) makes domestic producers worse off.
Answer: A
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To find a firm’s total revenue at every quantity, all you need to know is
A. the demand curve for its product. B. the demand curve for its product and its total cost. C. its profit-maximizing price and quantity. D. its total profit curve.
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
If a poor family has three children in public school and a rich family has two children in private school, the benefits principle would suggest that
a. the poor family should pay more in taxes to pay for public education than the rich family. b. the rich family should pay more in taxes to pay for public education than the poor family. c. the benefits of private school exceed those of public school. d. public schools should be financed by property taxes.
Suppose the economy is initially operating at full employment. A reduction in the size of the budget deficit will cause which of the following in the short run?
A. an increase in the price level with no change in real GDP. B. an increase in real GDP and an increase in the price level. C. an increase the price level and a reduction in real GDP. D. a recessionary gap.