The Smoot-Hawley trade bill of 1930, designed to save jobs and increase revenue for the federal government, resulted in
A) the protection of jobs while maintaining the level of trade, but it did not increase federal revenues from tariffs.
B) a decline in the volume of trade, but an increase in revenue from tariffs, which made it possible for the federal government to balance its budget.
C) an increase in both employment and federal revenues from tariffs.
D) a sharp reduction in trade and a decline in federal revenues from tariffs.
D) a sharp reduction in trade and a decline in federal revenues from tariffs.
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A market equilibrium is only efficient if:
A. the consumer surplus and the producer surplus associated with a given transaction are equal. B. output is distributed equitably among consumers. C. consumer surplus and producer surplus are both zero. D. all relevant costs and benefits are reflected in the market supply and demand curves.
In the figure above, the single-price, unregulated monopoly sets a price of
A) $80 per unit. B) $60 per unit. C) $40 per unit. D) $0 per unit.
All economic transactions involve only buyers and sellers; no third parties are involved.
Answer the following statement true (T) or false (F)
Some goods can be produced at low cost only if they are produced in large quantities. This phenomenon is called
a. marginal cost of production. b. marginal benefit of size. c. economies of scale. d. economies of production.