General Motors benefits from tariffs on imported automobiles. Companies that use many automobiles, such as rental agencies, want to get them cheaply. In this case, the issue of tariff legislation involves
a. a simple majority because it promises concentrated costs and benefits
b. competing interests because it promises concentrated costs and benefits
c. a simple majority because it promises concentrated benefits and widespread costs
d. competing interests because it promises concentrated benefits and widespread costs
e. competing interests because it promises concentrated costs and widespread benefits
B
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Following the lifting of price controls that had been implemented in the early 1970s, inflation skyrocketed. Economists' explanations for this acceleration in the price level include:
a. the increase in the money supply that also occurred during the early 1970s. b. increases in the federal government deficit, especially in 1971 and 1972. c. supply-side shocks in oil and food. d. the release of inflationary pressures that built up during the period of price controls. e. All of the above.
A firm that exists as a separate legal being is
a. a sole proprietorship b. a corporation c. a partnership d. likely to be a small, family-run business e. still dependent on its owners in many ways
When El Torito Restaurant is deciding how many waiters to hire for a holiday weekend, it is making a ________ decision
A) plant-size B) long-run C) short-run D) fixed-input
Investment decisions are made on the basis of the relationship of price to
A. Long-run fixed cost. B. Short-run marginal cost. C. Short-run average total cost. D. Long-run average total cost.