Comparing developed and developing nations in their use of tariffs, we see that
A) the developing nations' governments get very little revenue from tariffs.
B) both governments get large amounts of revenue from tariffs.
C) many developing nations' governments get a large portion of their revenue from tariffs.
D) developing nations almost never impose tariffs because they want their people to obtain goods and services at the lowest possible price.
E) developed nations rely much more than developing nations on tariff revenue.
C
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The above figure shows the demand and cost curves for a firm in monopolistic competition. The firm maximizes its profit by
A) producing 8 units at a price of $5 each. B) producing 8 units at a price of $15 each. C) producing 4 units at a price of $20 each. D) producing 12 units at a price of $10 each.
The theory of consumer choice is based on the hypothesis that each consumer wants to
a. maximize her total utility. b. maximize her marginal utility. c. minimize the rate at which her marginal utility diminishes. d. minimize the percentage of her consumption diverted to inferior goods.
According to the neoclassical theory of distribution, the wages paid to John Deere tractor assembly line workers are higher than those paid to fast food workers because assembly line workers
a. have college degrees, on average, whereas fast food workers usually do not. b. produce a product of greater market value than do fast food workers. c. work in a less stressful environment than do fast food workers. d. are less likely to belong to a labor union than are fast food workers.
A particularly severe recession is called a(n):
A. growth recession. B. lull. C. super recession. D. depression.