In reaction to the passage of the Smoot-Hawley Tariff, Canada as well as many other U.S. trading partners
A) refused to export any products to the United States.
B) eliminated tariffs on U.S. imports.
C) refused to import any products from the United States.
D) enacted large increases in tariffs on U.S. imports.
D
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Using the economic way of thinking, what is the least efficient use of water?
A) Drinking B) Bathing C) Filling balloons D) It depends on the water user's estimate of cost and benefit.
In a finitely repeated prisoners' dilemma game
A) firms will only cooperate if they each adopt a tit-for-tat strategy. B) firms cooperate and achieve the collusive Nash equilibrium for all rounds. C) firms cooperate for most of the rounds, but switch to the non-cooperative outcome in the final couple of rounds. D) firms do not cooperate and the static game Nash equilibrium is the outcome for each round.
Which of the following is an unintended consequence of welfare?
a. A low marginal tax rate on earned income for welfare recipients. b. A reduced incentive to leave welfare if more benefits are lost when income begins to be earned. c. A lower probability that children of families on welfare will themselves receive welfare. d. A welfare recipient becomes more productive, increasing the expected wage.
Which of the following is likely to lead to a decrease in the demand for tennis balls?
A. An increase in the price of tennis balls. B. An increase in the price of tennis racquets. C. An increase in the expected future price of tennis balls. D. An increase in the price of the rubber used to make tennis balls.