A tax levied on imported goods is called a(n):
A. excise tax.
B. quota.
C. foreign profits tax.
D. tariff.
Answer: D
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At various times, the United States has undergone the painful process of reducing military spending. Military bases from the Carolinas to California pleaded to be spared, citing huge job losses if they close. How can one rationally decide which bases to shut down, given the necessity of jobs?
What will be an ideal response?
The level of output produced when the labor market is in equilibrium is called
A) global production output. B) natural output. C) product market equilibrium output. D) potential output.
The analysis of Friedman and Phelps argues that an expected change in inflation has no impact on the unemployment rate
a. True b. False Indicate whether the statement is true or false
Interindustry competition means that:
A. in oligopolistic industries a few large firms compete with one another in bidding down product price. B. in some markets the producers of a particular product might face competition from products produced by other industries. C. firms that sell a product at one stage of production are faced with firms that buy the product at the next stage of production. D. in most industries there are usually a number of firms producing identical products.