Which is a better outcome for income and standard of living levels for large nations?
a. no tariffs
b. low tariffs
c. high tariffs
d, equal tariffs for all nations
Ans: a. no tariffs
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Product differentiation is a defining characteristic of
A) perfectly elastic demand. B) oligopoly. C) perfect competition. D) monopolistic competition.
The "benefits" from government programs to reduce mismatch unemployment include reduction in
A) private costs such as lost income and erosion of job skills. B) private costs such as lost leisure and lower alcohol consumption. C) social costs such as lower unemployment compensation and welfare payments. D) A and C.
A profit maximizing monopoly will produce that output for which:
a. marginal revenue equals price. b. average cost is minimized. c. marginal cost is minimized. d. marginal cost equals marginal revenue.
Define the following terms and explain their importance to the study of economics
a. maximin criterion b. Nash equilibrium c. Dominant Strategy d. Zero-sum game e. Credible threat