The contention that domestic unions tend to want to restrict foreign competition with tariffs is
A. dumping.
B. a national defense concern.
C. the infant industry argument.
D. to protect domestic jobs.
Answer: D
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Which of the following is most likely produced in a monopolistically competitive market?
a. soybeans b. autos c. fast food d. oil e. local phone service
Tariffs and quotas are effective in protecting industry
a. but at very high cost per job saved. b. and at very low cost per job saved. c. but have not saved any jobs in the industries. d. and do not distort the economy in the process.
Figure 16.3Figure 16.3 depicts a market for electricity. S1 is the supply curve without the external costs. S2 is the supply curve with the $T tax. Assume electricity production incurs external costs. If the government imposes a pollution tax in the amount illustrated, the amount of the pollution tax borne by the electricity producers is:
A. PA - PB. B. PA - PC. C. PB - PC. D. (1/2)?(PA - PB).
Other things equal, an improvement in productivity will:
A. increase the equilibrium price level. B. shift the aggregate supply curve to the left. C. shift the aggregate supply curve to the right. D. shift the aggregate demand curve to the left.