An export tariff will ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic national welfare
A) increase; decrease; increase; have an ambiguous effect on
B) increase; decrease; decrease; decrease
C) increase; decrease; have no effect on; have an ambiguous effect on
D) increase; decrease; have no effect on; decrease
E) increase; increase; decrease; have an ambiguous effect on
A
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Refer to Figure 13-9. Which of the graphs in the figure depicts a monopolistically competitive firm that is minimizing its losses?
A) Panel A B) Panel B C) Panel C D) Panel A and Panel C
Which of the following statements is TRUE if your money income stays the same but the price of one good that you are buying goes up?
A) Your effective purchasing power falls. B) Your nominal income has been decreased. C) You will have to reduce the quantities you purchase of all goods. D) Your real income has increased.
Which of the following is FALSE about firms organized along functional lines?
a. Workers find it difficult to develop functional expertise b. Workers can easily share information within their division c. They foster the exploitation of economies of scale d. None of the above
Which of the following statements is true?
A) If both demand and supply increase there must be an increase in equilibrium price; equilibrium quantity may either increase or decrease. B) An increase in supply causes a change in equilibrium price; the change in price does not cause a further change in demand or supply. C) If demand decreases and supply increases one cannot determine if equilibrium price will increase or decrease without knowing which change is greater. D) A decrease in supply causes equilibrium price to rise; the increase in price then results in a decrease in demand.