A tariff ______ the world supply of a good.
Fill in the blank(s) with the appropriate word(s).
Answer: reduces
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According to the text there appear to be very limited opportunities for input substitution in the production of pipe organs. Which of the following is the most plausible explanation for this observation?
A) Capital costs have made it too expensive to purchase more capital stock. B) It requires a large amount of highly trained labor to produce a single pipe organ. C) The marginal productivity of additional trained workers is zero. D) The capital used in producing pipe organs is much more expensive than the labor inputs.
A dominant strategy:
A. exists in every game. B. is the best one to follow no matter what strategy other players choose. C. is always the same for all players of a game. D. awards the highest achievable payoff in a game.
Which of the following is not a lower-cost benefit of an internal labor market?
A. Promoting only insiders to higher-level jobs B. The cultivation of long-term employee motivation C. Management's ability to learn about employees' best attributes D. The development of firm-specific human capital
Which statement is false?
A. Until the 1980s, S & Ls were legally barred from paying shareholders more than a certain rate of interest. B. S & Ls were not in financial trouble until the late 1980s. C. The 1980s was not a very good decade for the S & Ls. D. Until the 1980s only commercial banks were legally allowed to issue checking accounts.