A tariff is a tax on ____ goods that is designed to ____
a. exported; protect domestic industries
b. exported; hurt foreign industries
c. imported; made domestic consumers pay more
d. imported; protect domestic industries
e. domestic; discourage imports
d
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If expenditure by the government of a country increases, ________
A) the aggregate price level of the country will decrease B) the country's expenditure on consumption will decrease C) the unemployment rate in the country will increase D) the gross domestic product of the country will increase
A perfectly competitive industry is in long-run equilibrium. Some firms in the industry adopt new technology that reduces the average total cost of producing the good
In the long run, the price is ________, firms with the new technology make ________ economic profit, and firms with the old technology ________. A) lower; zero; exit the industry B) constant; a positive; make zero economic profit C) lower; zero; switch to the new technology or exit the industry D) constant; zero; exit the industry
The demand curve for money:
a. shows the amount of money balances that individuals and businesses wish to hold at various levels of private investment. b. reflects the open market operations policy of the Federal Reserve. c. shows the amount of money that households and businesses wish to hold at various rates of interest. d. indicates the amount that consumers wish to borrow at a given interest rate.
If the LRAC curve for Company A has a clear minimum point without a curved bottom, then Company B will have ________________ if it produces a different number of units.
a. lower costs b. higher costs c. lower profits d. higher profits