A VRA is an example of
A) a "voluntary" quota.
B) a tariff.
C) an illegal foreign good.
D) an illegal foreign tariff.
A
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Assuming a homogeneous product, the Bertrand duopoly equilibrium price is
A) the same as the Cournot equilibrium price. B) less than the Cournot equilibrium price. C) greater than the Cournot equilibrium price. D) equal to the monopoly price.
When an economy is in an economic boom, discretionary fiscal policy would call for ________, and the automatic stabilizers would ________.
A. lowering tax rates; lower tax revenues B. lowering tax revenues; lower tax rates C. increasing tax rates; lower tax revenues D. increasing tax rates; increase tax revenues
Refer to the following graph.
Suppose this graph represents the market for cheese. In order to keep the price of cheese at Pf, government must:
A. prevent the excess supply from reaching the market. B. devise a mechanism to ration cheese to consumers. C. cause the demand for cheese to decrease. D. cause the supply of cheese to increase.
Suppose the government decides to eliminate some, but not all, of the rules that govern how investment banks conduct their business. This would be an example of
A. central planning. B. economic competition. C. deregulation. D. a laissez-faire policy.