Mercantilism
A) is the philosophy of free international trade.
B) was a system of export promotion and barriers to imports practiced by governments, especially in the 17th and 18th centuries.
C) was praised by Adam Smith in The Wealth of Nations.
D) Both A and C.
B
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The key idea behind price discrimination is to convert consumer surplus into
A) a barrier to entry. B) economic profit. C) deadweight loss. D) monopoly power. E) total cost.
Why isn't national defense provided by free markets?
What will be an ideal response?
In both the 1970s and the 1990s, extreme economic events caused unemployment to move in the same direction as inflation
a. True b. False Indicate whether the statement is true or false
In the taste-for-discrimination model:
A. a decline in discrimination will reduce the actual African-American-white wage ratio. B. an increase in collective discrimination coefficients of employers will reduce the demand for African-American workers, decrease the African-American wage, and increase African- American employment. C. firms that discriminate will have lower costs than firms that do not discriminate. D. competitive forces will tend to reduce discrimination in the very long run.