A customs duty is an example of a(n)
a. use tax
b. payments tax
c. excise tax
d. transactions tax
e. process tax
C
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An increase in the inflation rate of one country relative to another country will probably cause
A) an increase in exports for the inflating country. B) a balance of trade deficit for the inflating country. C) a current account surplus for the inflating country. D) an increase in the amount of official reserves held by the inflating country's central bank.
Figure 8.7 shows a successful price-fixing arrangement (cartel) between two identical firms. If the cartel collapses and the two firms compete against each other, each firm's profit will be ________ and the quantity will be ________.
A. smaller; smaller B. smaller; greater C. greater; smaller D. greater; greater
Compared with a monopolist, the demand curve faced by a monopolistically competitive firm is
A. more inelastic. B. perfectly elastic. C. more elastic. D. perfectly inelastic.
In a perfectly competitive market, the price of the product is
a. independently set by each competing firm b. set by the market leader and then copied by other firms c. jointly set after a meeting of all firms in the market d. set by market supply and demand