The increased-domestic-employment argument for tariff protection holds that:
A. domestic inflation is a desirable policy goal because it stimulates exports.
B. domestic deflation is a desirable policy goal because it stimulates imports.
C. an increase in tariffs will reduce net exports and stimulate domestic employment.
D. an increase in tariffs will increase net exports and stimulate domestic employment.
D. an increase in tariffs will increase net exports and stimulate domestic employment.
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Which of the following is part of an economic model?
A) assumptions B) norms C) preferences of economic agents D) opinions
What do we need to assume about firms in the sticky price model?
A) They accommodate any demand at the given price. B) They hire until the real wage equals the average labor productivity. C) They maximize only current profits. D) They adapt the price to current conditions.
The way in which an oligopolist acts in response to a price change by a competitor is known as a
A) zero-sum game. B) positive-sum game. C) reaction function. D) cooperative game.
At the point where the marginal revenue equals zero for a monopolist facing a straight-line demand curve, total revenue is:
a. greater than 1. b. maximum. c. less than 1. d. equal to zero.