What is a downside of trade protection?
a. Instead of protecting U.S. interests and giving domestic manufacturing an advantage over items manufactured elsewhere, it can have the unintended effect of driving the manufacturing completely out of the country.
b. It can give U.S. interests and domestic manufacturing too much of an advantage over items manufactured elsewhere, having the unintended effect of driving the manufacturing completely out of the country.
c. It can give U.S. interests and domestic manufacturing too much of an advantage over items manufactured elsewhere, having the unintended effect of bringing more manufacturing into the country than can be handled.
d. Instead of protecting U.S. interests and giving domestic manufacturing an advantage over items manufactured elsewhere, it can have the unintended effect of bringing more manufacturing into the country than can be handled.
a. Instead of protecting U.S. interests and giving domestic manufacturing an advantage over items manufactured elsewhere, it can have the unintended effect of driving the manufacturing completely out of the country.
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If a monopolist sets her output such that marginal revenue, marginal cost and average total cost are equal, economic profit must be:
A) negative. B) positive. C) zero. D) indeterminate from the given information.
The worst hyperinflation ever recorded happened in:
A. Hungary. B. Brazil. C. Zimbabwe. D. Germany.
A monopolist faces a demand curve given by P = 20 - Q and has total costs given by TC = Q2. By using a bit of calculus, you should be able to determine that the firm's marginal revenue is MR = 20 - 2Q and its marginal cost is MC = 2Q. Now suppose that the country in which this monopolist is located decides to engage in international trade. The world price of the product produced by the monopolist is $12. What is the monopolist's profit-maximizing output level?
a. 5 b. 6 c. 7 d. 8
When equilibrium price is higher than market price, quantity demanded is ________ quantity supplied.
Fill in the blank(s) with the appropriate word(s).